PennyMac Class Seeks Chancery OK For $6.8M Settlement

Law360 (February 4, 2021, 9:32 PM EST) -- Attorneys for PennyMac Financial Services Inc.'s minority stockholders urged a Delaware vice chancellor Thursday to approve a proposed $6.85 million settlement for a class challenge to an allegedly unfair corporate restructuring that mainly benefited PennyMac's big investors, led by BlackRock Inc.

Attorneys said in a reply brief filed on behalf of lead stockholder Robert Garfield and the class that the legal team would receive nearly $1,575,500 for fees and expenses under the deal, while investors would get 29 cents per share — about a third of likely recoverable damages to the class. The settlement — reached after an unsuccessful mediation and follow-up...

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