Shareholders Denied Atty Fees In Axed Pa. Class Action

Law360, Philadelphia (January 7, 2014, 3:52 PM EST) -- The Pennsylvania Superior Court ruled Monday that a couple who filed a shareholders' class action suit challenging a merger between Parkvale Financial Corp. and FNB Corp. were not entitled to recoup attorneys' fees after they agreed to voluntarily drop their claims without prejudice.

The court declined to overturn a trial court decision tossing the fee request, concluding that state law prevents the award of fees when there are no funds under the jurisdiction of a court. The couple sought the fees under the legal theory known...
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