Investors Settle For $27M In Fight Over ConAgra Unit Buy

By Celeste Bott (July 27, 2021, 4:44 PM EDT) -- An Illinois federal judge on Tuesday granted initial approval to a $27 million settlement resolving investors' claims that private foods manufacturer TreeHouse Foods Inc. overstated its success after buying a $2.7 billion ConAgra Foods Inc. business and inflated its stock price.

During a teleconference hearing Monday morning, U.S. District Judge Robert M. Dow granted preliminary approval for the deal, which was reached in February after extensive arm's length negotiations overseen by a mediator for almost 11 months, according to the lead plaintiff in the proposed class action, the Public Employees' Retirement System of Mississippi.

Investors claimed in a 2016 derivative suit...

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