NFP Directors Sued Over $1.3B Madison Dearborn Deal

Law360, New York (May 21, 2013, 8:31 PM EDT) -- The directors and executives of brokerage services firm National Financial Partners Corp. were hit with a proposed shareholder class action Tuesday over its April deal to be acquired by private equity investment firm Madison Dearborn Partners LLC for $1.3 billion. 

In a complaint filed in New York state court, NFP shareholder group Gotham Investors accused the directors of entering into the $25.35-per-share deal that benefits themselves, rather than shareholders.

Under the terms of the sale, each board member would receive at least $75,000, while some of...
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