J.Crew Shareholder Sues To Stop $3B Takeover

Law360, New York (November 29, 2010, 2:52 PM EST) -- A shareholder of J.Crew Group Inc. has filed a putative class action against the clothing retailer, seeking to stop a $3 billion acquisition by private equity firms TPG Capital and Leonard Green & Partners LP.

Arnold J. Church filed a complaint Wednesday in the Supreme Court for the State of New York, claiming the all-cash deal is the result of an unfair solicitation process that will benefit J.Crew management while preventing shareholders from reaping the benefits of the company's future gains.

The deal, announced Nov. 23,...
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