6 AmTrust Directors Kept In Class Suit Over $2.95B Merger
By Jeff Montgomery (February 26, 2020, 6:58 PM EST) -- Delaware's Chancery Court refused on Wednesday to dismiss class claims that six directors of property and casualty insurer AmTrust Financial Services Inc. breached their duty to investors when they agreed to take the company private for an allegedly underpriced $2.95 billion in June 2018.
The decision moved toward trial the latest round in multiyear litigation over AmTrust's decisions and the conduct of a group of AmTrust co-founder relatives who controlled more than half the company's common stock.
In the decision on Wednesday, Chancellor Andre G. Bouchard kept alive two of three counts alleging breaches of fiduciary duty by directors whose actions...
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