Terremark To Settle Suits Over $1.4B Verizon Merger

Law360, New York (March 1, 2011, 4:07 PM EST) -- Cloud computing specialist Terremark Worldwide Inc. moved closer Monday to completing its $1.4 billion sale to Verizon Communications Inc. with a planned global settlement to end eight putative class actions by investors opposed to the buyout.

Terremark entered a memorandum of understanding to settle the pending lawsuits, agreeing to explain the calculation of the $19 per-share price that ruffled investors and to remove barriers to competing offers, according to a press release.

The proposed settlement would resolve five putative class actions in the Eleventh Judicial Circuit...
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