A class of shareholders agreed to a $70 million settlement shortly after the Delaware Court of Chancery ruled in their favor on how the class should be constituted.
Chancellor Andre G. Bouchard sided with the shareholders earlier this month about the definition of the class, which is smaller than the size the class would have been under the definition offered by the defendants. The shareholders had brought the suit following the acquisition of Jefferies Group, an investment bank, by Leucadia National Corp., alleging that executives at both companies had negotiated for months before notifying the Jefferies board of the deal and had structured a deal that undervalued Jefferies, which ended up giving the shareholders an unfairly low percentage of the newly merged company.
