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…

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