Chancery orders $12m Steel Connect settlement overhaul

By Jeff Montgomery (August 18, 2022, 8:43 PM EDT) – In a rare “go back and try again” command, a Delaware vice-chancellor on Thursday ordered a reshuffle or more justifications for a proposed $12 million settlement Derivative Shareholder Challenges to a $476 Million Insider Acquisition of IWCO Direct by Steel Connect Inc. in 2017.

Chancery Court Vice-Chancellor Morgan T. Zurn told a teleconference hearing that she was inclined to reject the deal — which included $2 million in attorney fees — on several grounds, but instead chose to give the parties time to reassess and renegotiate.

“I spent a lot of time trying to…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS

About Keith Tatum

Check Also

Creative designs reinforce Shanghai’s hidden infrastructure

imaginechina The newly renovated Shiliupu Wharf along the Huangpu River. Shanghai is exercising its design …