Objector Receives Fee Award in 'Riverbed' Case
In an exceedingly rare move, the Delaware Court of Chancery awarded a modest amount in attorney fees and costs to an unsuccessful objector in the high-profile Riverbed merger settlement case, saying the objector provided a benefit to both the stockholder class and the court, as it reconsiders its approach to disclosure-only settlements.
December 09, 2015 at 06:03 AM
4 minute read
In an exceedingly rare move, the Delaware Court of Chancery awarded a modest amount in attorney fees and costs to an unsuccessful objector in the high-profile Riverbed merger settlement case, saying the objector provided a benefit to both the stockholder class and the court, as it reconsiders its approach to disclosure-only settlements.
Vice Chancellor Sam Glasscock III in September reluctantly approved the non-cash settlement in the case, captioned In re Riverbed Technology Stockholders Litigation, over the sole objection of Sean Griffith, a Fordham University School of Law professor.
Initially, a group of shareholders had sought to enjoin the sale of $3.6 billion in Riverbed Technology's remaining stock to two private equity groups. The two sides, however, hashed out their differences, agreeing to the disclosures in return for a broad release of merger-related claims.
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