J2 Class Attys Seek $2M For Saving $25M On Insider Deal

By Jeff Montgomery (January 7, 2022, 6:36 PM EST) -- Attorneys for stockholders of digital media business J2 Global Inc. sought Chancery Court approval Friday for a settlement ending a derivative suit challenging an outside investment management contract worth millions to a fund chaired by J2's chairman, while also requesting a $1.95 million fee award.

Grant & Eisenhofer PA and Saxena White PA reported that the terminated contracts would save J2 an estimated $25 million in management fees and lost investment revenues from avoided future capital contributions to a fund controlled by J2 chairman Richard Ressler.

The two law firms initially pursued separate actions focused on J2's $200 million investment deal...

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