Claims Cut From Suit Over American Surgical Merger

Law360, New York (March 12, 2014, 6:37 PM EDT) -- The Delaware Chancery Court on Monday dismissed some claims of a former American Surgical Holdings Inc. shareholder who argued that people in charge of selling the company to a private equity firm breached a fiduciary duty by unfairly distributing proceeds.

Plaintiff Richard Frank sued a group of former board members and shareholders he called the rollover group, whose combined stakes formed the majority of American Surgical. Members of this group received a combination of cash and equity from Great Point Partners I LP when it bought...
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