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Chancery Grants Class $3M In Legal Fees For Sorrento Suit

Law360 (May 15, 2018, 6:06 PM EDT) -- A Delaware vice chancellor approved a $3.25 million settlement fee Tuesday for class attorneys who sued biopharma Sorrento Therapeutics Inc. in 2016 over insider stock and option awards and conflicted asset transfers, producing a reported $100 million benefit for investors and the company.

Vice Chancellor Tamika Montgomery-Reeves found that the agreement passed every Chancery Court test during a final hearing on the pact, termed by the challenging investors as “a complete victory for Sorrento and its stockholders.”

“The litigation benefits are very substantial, whether it’s $75...
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