$13M Settlement Beats Out Rival Plan In Del. Fund Case

Law360, Wilmington (February 7, 2013, 11:54 PM EST) -- After fashioning an innovative means for allowing a dissenting party to challenge a derivative suit settlement, a Delaware Chancery judge approved on Wednesday an original $13 million deal in a case over an underperforming employee equity fund, finding the process produced a counterproposal that promised additional value but was unreasonable.

In a May 2012 opinion, Vice Chancellor J. Travis Laster had found the original settlement to the suit — brought on behalf of a Canadian Imperial Bank of Commerce employee equity fund — to be fair,...
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