Barnes & Noble Chairman's $29M Deal Shelves Investor Suit

Law360, Wilmington (June 13, 2012, 6:09 PM EDT) -- Shareholders extracted $29 million for Barnes & Noble Inc. from founder Leonard Riggio on Wednesday to settle a derivative suit over the bookseller’s $596 million acquisition of a Riggio-owned textbook retailer in 2009.

Several pension funds sued Barnes & Noble’s board in Delaware Chancery Court in 2009, alleging the company overpaid for Barnes & Noble College Booksellers Inc. at the behest of Riggio, who is also the board’s chairman. The two companies had existed side by side, but separately, for years, with Riggio owning a 31...
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