Chancery OKs $14.5M Atty Fee In Landmark $53M Settlement

Law360, Dover (July 31, 2019, 6:07 PM EDT) -- In a possible Delaware litigation milestone, the Chancery Court approved a $53 million settlement with a $14.5 million attorney fee carveout Wednesday in a stockholder suit that challenged the $640 million acquisition of a real estate investment trust by another REIT with the same private equity controller.

Christopher M. Foulds of Friedlander & Gorris PA told Vice Chancellor Joseph R. Slights III that the agreement with New Senior Investment Group and its directors ranks as the largest derivative action settlement, by far, as a percentage of market capitalization to date in Delaware.

New Senior, managed by Wesley Edens' Fortress Investment Group...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!