Hotelier Wyndham International Inc. and other defendants agreed to settle shareholders’ suits filed over a $1 billion stock sale by the fourth-largest U.S. hotel company and to pay up to $1.25 million in plaintiffs’ legal fees and expenses.
Dallas-based Wyndham, which recently changed its name from Patriot American Hospitality Inc., agreed in January to sell a 30 percent stake in the company in convertible preferred stock for $700 million. The buyer was a group headed by financiers Leon Black and Thomas Lee and the investment was part of a rescue package to keep the operator of more than 300 hotels out of bankruptcy.
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