We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

New Senior Can't Duck Shareholder Suit Over $640M Merger

Law360 (February 21, 2018, 8:11 PM EST) -- New Senior Investment Group’s board and its once-removed corporate overlord, Fortress Investment Group, can’t dodge a derivative suit alleging that the senior housing REIT structured a $640 million deal to benefit Fortress at the expense of its own shareholders, Delaware’s Chancery Court said Tuesday.   

New Senior shareholder John Cumming says every member of the six-person board was deeply entangled with asset manager Fortress when it decided to pull the trigger on a 2015 deal to purchase another senior housing company indirectly owned by Fortress. Fortress and...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.