IPayment CEO Suit Settlement OK'd With Bigger Cash Payout

Law360, Wilmington (July 25, 2017, 7:03 PM EDT) -- A settlement proposal in a dispute over consideration given to shareholders of credit card services firm iPayment Inc. in an equity cashout transaction received court approval, with shareholders receiving an increased recovery for cashing out their shares.

During a hearing in Wilmington, attorneys representing iPayment’s ex-CEO in the derivative suit lodged against noteholders of the company said the settlement would see shareholders receive $1.55 per share in the cash out transaction instead of the the original proposal that would have resulted in no recovery for them.

The case arose when the noteholders, which control four of the five seats on the...

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