Delphi Pays $49M To Settle Investor Suit Over Buyout

Law360, New York (April 9, 2012, 5:03 PM EDT) -- Delphi Financial Group Inc. on Monday agreed to pay $49 million to settle a consolidated shareholder class action in Delaware over Tokio Marine Holdings Inc.'s proposed $2.7 billion buyout of the insurance company.

The settlement puts to rest allegations that Delphi's CEO Robert Rosenkranz had pocketed at least $55 million that should go to public shareholders in the buyout by one of Japan's biggest insurance companies.

Under the terms of the deal, Delphi's Class A stockholders and option holders will receive their pro rata share of...
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