Kenneth Cole Changes Landscape For NY Cos. Going Private
September 30, 2013, 5:52 PM EDT
Law360, New York (September 30, 2013, 5:52 PM EDT) -- The independent members of the board of directors of Kenneth Cole Productions Inc. were successfully defended in a putative class action brought on behalf of the company’s minority shareholders challenging the going-private transaction in which company founder and controlling shareholder Kenneth Cole purchased the outstanding public shares of his eponymous fashion company.
In the first decision by a New York state court applying the business judgment rule to a going-private transaction by a company’s controlling shareholder, Justice Lawrence K. Marks of the Commercial Division of the...