Strine Dismisses Investor Challenge To $117M Restaurant Sale

Law360, Wilmington (July 23, 2013, 9:01 PM EDT) -- Delaware Chancellor Leo E. Strine Jr. on Tuesday threw out a lawsuit by shareholders of Morton's Restaurant Group Inc. who claimed that restaurant magnate Tilman Fertitta's $117 million acquisition of the high-end chain was a raw deal that benefited a former private equity stakeholder over other investors.

The chancery judge ruled that the shareholders' complaint came up short when it argued that private equity firm Castle Harlan — which held nearly 28 percent of Morton's stock and two seats on the board of directors — acted...
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