Allied Shareholders' Merger Settlement Torn Up By Judge

By Carmen Germaine (October 28, 2015, 10:18 PM EDT) -- A New York state judge has refused to "rubber-stamp" a settlement that would end shareholder litigation brought by Allied Healthcare Inc. investors over Saga Group Ltd.'s $175 million buyout, blasting as "horse-hockey" what he considered a culture of awarding attorneys' fees for little result.

New York Supreme Court Judge Charles E. Ramos's Oct. 23 order found that a settlement between Allied Healthcare and investors who sued over their compensation in the 2011 sale would be unfair to other shareholders, noting that it required them to release all merger-related claims against Allied and its directors and made it difficult for objectors to...

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