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...

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