Southwest Bancorp Inc. won a Delaware Chancery Court judge’s approval for its settlement of lawsuits filed by former M.G. Bancorporation Inc. shareholders, who contended they were shortchanged when the companies combined in 1993.
Vice Chancellor Jack B. Jacobs concluded that the $2.55 million Southwest officials agreed to pay shareholders to resolve class-action claims over the buyout of M.G. Bancorporation was fair and reasonable, given the six years of litigation in the case and the tangible return to investors.
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