Mergers & Acquisitions
Cases in Point
- In re Freeport-McMoRan Copper & Gold Inc. Derivative Litigation
As co-lead counsel, Labaton Sucharow secured a combined $153.75 million settlement, the second largest derivative settlement in Court of Chancery history, with Freeport-McMoRan Copper & Gold Inc. (Freeport) and Credit Suisse. The settlement terms contained an unprecedented provision, allowing direct payment to stockholders by means of a special dividend. Along with the cash settlement, we also negotiated corporate governance reforms to be implemented and maintained by Freeport for at least three years.
- In re El Paso Corporation Shareholder Litigation
As co-lead counsel, Labaton Sucharow achieved a $110 million settlement in this merger transaction litigation, which is now regarded as a landmark case on banker and management conflicts. In the settlement hearing, Chancellor Strine remarked, "I think it's a very substantial achievement for the class…there is clearly a sizable and tangible benefit that was produced only because of the litigation."
- In re J.Crew Shareholder Litigation
Labaton Sucharow represented shareholders in this litigation, involving the sale of J.Crew Group Inc. to private equity firms TPG Capital, L.P. and Leonard Green & Partners, L.P. As co-lead counsel, we negotiated a revised settlement agreement, which increased the settlement amount from $10 million to $16 million for J. Crew's shareholders.
- In re Student Loan Corporation Litigation
As co-lead counsel, Labaton Sucharow obtained a nearly $10 million aggregate settlement in this shareholder transaction case, involving the sale of assets of Student Loan Corp. to its majority owner, Citibank N.A., and then sale of the company to Discover Bank. Shareholders alleged that the deal was unfair because the $30 per share offer price was inadequate.