A pair of plaintiffs’ law firms plan to ask the Delaware Court of Chancery for as much as $6.5 million in fees for legal work related to shareholder lawsuit settlements with Alberto Culver Co. that didn’t increase the shareholders’ take in a pending merger deal.
The shareholders and beauty products company Alberto Culver Co. agreed to settle a consolidated case, In re Alberto Culver Co. Shareholder Litigation , in the Delaware Chancery Court, on Nov. 29, 2010. The consolidated case involved five cases against Alberto Culver, the founder; his daughter; the board members; and Unilever. They challenged a pending offer by Unilever to acquire Alberto Culver Co., claiming the merger deal terms breached the defendants’ fiduciary duty to the shareholders.
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