Class Seeks $10M To Settle Zynga Stock Lock Waiver Suit
Law360, Wilmington (March 2, 2017, 8:13 PM EST) -- Class attorneys in a shareholder suit against game company Zynga Inc. and its directors urged Delaware’s Chancery Court on Wednesday to approve a $10 million settlement of claims that some directors received an up to $100 million benefit from a discriminatory waiver of pre-IPO stock sale restrictions.
Settlement terms for the four-year-old lawsuit — described in a 2014 court opinion as a quintessential fiduciary duty claim — include a $2.35 million share for attorneys’ fees and $20,000 incentive to the lead plaintiff, according to the class brief in support of the deal.
The suit accused Zynga directors of breaching their obligations...
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