Stockholder Suit Over Energy Firms' Merger Settles For $3.5M

Law360 (March 31, 2021, 3:29 PM EDT) -- Delaware's Chancery Court approved a $3.5 million settlement Wednesday for a stockholder challenge to a $335 million energy company merger, after a ruling that clarified when conflicted controller-led merger talks require independent committee oversight to maintain business judgment protections.

Vice Chancellor Joseph R. Slights III's decision in the case, Peggy Olenik v. Frank A. Lodzinski, set aside $1.1 million for Earthstone Energy Inc. stockholder attorney fees and expenses, with the balance of the $3.5 million earmarked for direct and derivative claim awards to stockholders and the company itself in a case alleging breaches of fiduciary duty.

Also approved were corporate governance reforms...

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