J.Crew Investors Back Out Of $10M Deal Over Buyout

Law360, New York (February 1, 2011, 5:59 PM EST) -- Shareholders who brought a putative class action over the proposed buyout of J.Crew Group Inc. by two private equity firms have backed out of a $10 million settlement, blaming moves by the retailer's executives to undermine the deal.

Since the deal was reached Jan. 17, J.Crew’s board and CEO, Millard Drexler, have “undermined the core benefits of the settlement” to shareholders, according to a letter filed Monday in the Delaware Court of Chancery by Stuart M. Grant of Grant & Eisenhofer PA, an attorney for the...
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