A Manhattan appeals court on Thursday changed how nonfinancial class action settlements should be assessed in approving a class action settlement involving a challenge by shareholders to Verizon’s $130 billion acquisition of Vodafone subsidiaries.
The Appellate Division, First Department, decision is noteworthy on two fronts: It says that shareholders and Verizon were not cheated by the proposed 2013 settlement, and therefore the case should be remanded to Manhattan Supreme Court Justice Melvin Schweitzer for a new attorney fees-award hearing.
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