$81M Settlement In Wilbur Ross Merger Case Wins Initial OK

Law360, New York (February 20, 2014, 6:50 PM EST) -- A South Carolina state judge on Wednesday preliminarily approved an $81 million settlement in a consolidated shareholder class action alleging billionaire financier Wilbur Ross and his company breached their fiduciary duty regarding a 2006 merger of two Ross-owned companies.

The settlement, reached in September, calls for a total cash payment of $36 million, which will go to a global settlement fund. An additional $45 million will be made up in noncash considerations, including the cancellation of debt. All $81 million must be paid no later than 10 days after the agreement has been granted final approval. A hearing on final approval...

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