Court Reverses $1M In Attys' Fees In Centex-Pulte Merger Deal

Law360, Dallas (August 13, 2012, 3:05 PM EDT) -- A Texas state appeals court on Friday blocked parts of a settlement of a securities class action brought by shareholders to stop the $3 billion merger of Centex Corp. and Pulte Homes Inc., reversing a cash award of $1.1 million in attorneys' fees and ruling the settlement should have had an opt-out provision.

The Fifth Court of Appeals affirmed the class certification, however, and said the settlement provided fair and reasonable benefits to shareholders who had sued alleging the 2009 merger provided insufficient consideration for Centex...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.