$6.5M Deal In Patriot National Shareholder Suit Gets First OK

Law360 (July 22, 2019, 8:58 PM EDT) -- A New York federal judge greenlit a $6.5 million settlement Monday that would end investors' allegations over Patriot National Inc.'s purported failure to properly consider a $475 million takeover offer from insurance software maker Ebix Inc.

U.S. District Judge Edgardo Ramos granted preliminary approval for the cash deal, which will provide an average recovery of $0.195 per share, according to the terms of the agreement. Up to 33% of the fund would go toward attorney fees for the investors' counsel at Glancy Prongay & Murray LLP and Berger Montague.

The judge also certified a class of investors who bought Patriot stock...

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