Docket number: 16-20742 (5th Cir.)
On behalf of objector David G. Duggan, CCAF appealed the approval of the settlement of a shareholder suit in which the plaintiffs’ attorneys received $575,000, while the shareholders recovered only immaterial supplemental disclosures. The district court refused to apply the Seventh Circuit’s landmark ruling against disclosure-only settlements in In re Walgreen Co. Stockholder Litigation, noting the lack of similar Fifth Circuit precedent.
The Walgreen ruling was a helpful step in protecting shareholders from getting the raw end of the deal in disclosure-only settlements, and CCAF hopes the court recognizes that the same principles apply in Aron v. Crestwood. See CCAF’s work in the Walgreen case here.
Oral argument in Aron v. Crestwood was heard on June 5, 2017. Listen to the oral argument here.
Unfortunately, the Fifth Circuit affirmed approval of the settlement in part because the appellant’s objection (filed before he was represented by CCAF) was untimely.
This case was litigated while the Center for Class Action Fairness was a project of the Competitive Enterprise Institute.
Case Documents
| Description | |
| Feb 17, 2017 | REPLY BRIEF of Appellant |
| Jan 04, 2017 | OPENING BRIEF of Appellant |
| Nov 08, 2016 | NOTICE of Appeal |