Tread Carefully, Class Action Settlement Seeker

Law360, New York (May 5, 2010, 12:34 PM EDT) -- In re: Revlon Inc. Stockholder Litigation, Consol. C.A. No. 4578-VCL, 2010 WL 985732 (Del. Ch. Mar. 16, 2010), the Delaware Chancery Court dismissed a group of law firms that had been appointed to act as co-lead and liaison plaintiffs’ counsel for a putative class of stockholders in an action challenging a corporate merger, and appointed new co-lead counsel with instructions to investigate the conduct of former counsel and the fairness of a proposed settlement negotiated by former counsel.

This scathing decision from Vice Chancellor Laster highlights...
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