Private Equity Litigation Settlement
Private Equity Litigation Securities Settlement
The lawsuits were settled for a total amount of $590.5 million in cash. The following is a summary of the proceedings in this lawsuit: ‘Named Plaintiffs allege in the Complaint in this Action that Defendants violated the United States federal antitrust laws by participating in illegal conspiracies to limit competition among themselves and their co-conspirators with the goal of reducing the sale prices of the publicly-traded Target Companies that were sold pursuant to LBOs. Named Plaintiffs allege that Defendants anticompetitive conduct caused the shareholders of each Target Company to receive an unlawfully depressed price per share in the LBOs, resulting in significant economic damages to the Settlement Class. Defendants have denied and continue to deny each and all of the claims and contentions alleged by Named Plaintiffs, as well as all charges of wrongdoing or liability against them arising out of any of the conduct, statements, acts, or omissions alleged, or that could have been alleged, in the Action, as well as Named Plaintiffs contention that Settlement Class Members were damaged by the Settling Defendants alleged conduct. Proposed Settlements have been reached with the Settling Defendants for a total of $590.5 million (the aggregate of multiple separate settlement amounts). Other than its preliminary certification of the Settlement Class, the Court has not certified a class.