Approved Disclosure Settlements Post-Trulia
NOTE: As of June 26, 2018, I am no longer updating the list of cases in this post.
Events of the last month have clarified trends in mergers and acquisitions litigation since the Delaware Court of Chancery’s decision in In re Trulia, Inc. Stockholders Litigation, 129 A.3d 884 (Del. Ch. 2016). Cornerstone Research revealed that the number of major mergers and acquisitions transactions subject to stockholder litigation fell from 93 percent in 2014 to 64 percent in the first half of 2016, but that securities class actions challenging mergers are on the rise. Last week, the Seventh Circuit endorsed the Trulia decision and overturned the approval of a class settlement. The latter decision has led at least one academic to suggest that “[I]t appears Trulia is on its way to general acceptance in the context of merger litigation.”
Yet decisions endorsing Trulia appear to be less common than approvals of disclosure settlements. To provide some context for the ongoing discussion of post-Trulia mergers and acquisitions litigation, I thought it might be helpful to provide a list of cases where disclosure settlements have been approved, along with the awards granted to plaintiffs’ attorneys. I have broken the cases down by state, with federal and state cases in the same chart. The list includes cases brought under federal securities laws, but only includes disclosure settlements (as the term is used in Trulia), not awards of mootness fees.
Some caveats to the data. As I have mentioned before, many orders from state trial courts are not easily available online. The list is limited to cases of which I am aware. Likewise, I have only included cases in which I have been able to acquire a copy of a decision or order approving settlement. Thus, this page almost certainly undercounts the number of approved settlements. (If you are aware of a post-Trulia case approving a disclosure settlement not listed here, please feel free to contact me.) As I add cases, I will keep a changelog at the bottom of this page.
And of course, the standard disclaimers: while I make every effort to ensure the accuracy of information on this site, I can make no guarantees regarding the data below or be certain that changes have not occurred after publication. Content is provided for informational and educational purposes only, and is not a substitute for legal advice in specific situations. As always, the disclaimer page applies.
California
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| Suprina v. Berkowitz, Case No. 1-14-CV-272358 (Ca. Super. Ct.—Santa Clara Cty.) | Feb. 29, 2016 | Delaware | $441,792.00 |
| Saggar v. Woodward, Master Case No. CIV 532534 (Ca. Super. Ct.—San Mateo Cty.)† | Apr. 4, 2016 | Delaware | $280,460.29 |
| Allan v. Micrel, Inc., Lead Case No. 1-15-CV-280762 (Ca. Super. Ct.—Santa Clara Cty.) | May 20, 2016 | California | $450,000.00 |
| In re Pharmacyclics, Inc. Shareholder Litigation, Lead Case No. 2015-1-CV-278055 (Ca. Super. Ct.—Santa Clara Cty.)† | July 20, 2016 | Delaware | $509,158.62 |
| In re Audience, Inc. S’holder Litig., Lead Case No. 1-15-cv-280778 (Ca. Super. Ct.—Santa Clara Cty.) | Aug. 3, 2016 | Delaware | $425,000.00 |
| In re Thoratec Corp. Shareholder Litigation, Lead Case No. RG15779109 (Ca. Super. Ct.—Alameda Cty.) | Oct. 7, 2016 | California | $325,000.00 |
| Sloan v. Rentech Nitrogen Partners, LP, Case No. 2:15-cv-07818-GW-MRW (C.D. Cal.) | Oct. 16, 2016 | Delaware | $184,000.00 |
| Douglas v. Witney, Case No. 3:16-cv-00921-WHO (N.D. Cal.) | Dec. 27, 2016 | Delaware | $1,000,000.00 |
| Marino v. Harkey, 2016 WL 7451319 (Cal. App. 4th 2016) (pre-Trulia disclosure settlement upheld on appeal) | Dec. 28, 2016 | Delaware | (up to $990,000.00) |
| Jeter v. Spansion Inc., Case No. 2014-1-CV-274635 (Ca. Super. Ct.—Santa Clara Cty.) | Jan. 9, 2017 | Delaware | $300,000.00 |
| In re XenoPort, Inc. S’holder Litig., Lead Case No. CIV 539069 (Ca. Super. Ct.–San Mateo Cty.) | Feb. 2, 2017 | Delaware | $375,000.00 |
| In re Broadcom Corp. S’holder Litig., Lead Case No. SA 15-CV-00979 JVS (PJWx) (C.D. Cal.) | Feb. 27, 2017 | California | $1,125,000.00 |
Connecticut
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| Bushansky v. The Phoenix Companies, Inc., et al., No. FST-CV-15-6027891-S (Conn. Super. Ct.) | Feb. 23, 2017 | Delaware | $253,570.88 |
Delaware
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| In re BTU International, Inc. Stockholders Litigation, Consol. C.A. No. 10310-CB (Del. Ch.) | Feb. 18, 2016 | Delaware | $325,000.00 |
| In re NPS Pharmaceuticals Stockholders Litigation, Consol. C.A. No. 10553-VCN (Del. Ch.) | Feb. 18, 2016 | Delaware | $370,000.00 |
| In re Regado Biosciences, Inc. Stockholder Litigation, Consol. C.A. No. 10606-CB (Del. Ch.) | July 27, 2016 | Delaware | $300,000.00 |
Indiana
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| McGill v. Hake, Case 1:15-cv-00217-TWP-DKL (S.D. Ind.) | Mar. 10, 2016 | Indiana | $410,000.00 |
Maryland
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| In re Home Properties, Inc. Shareholders Litigation, Consol. Case No. 24-C-15-3707 (Md. Cir. Ct.—Baltimore Cty.) | Aug. 29, 2016 | Maryland | $300,000.00 |
Michigan
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| In re Meadowbrook Ins. Grp., Inc., Lead Case No. 5:15-cv-10057-JCO-MJH (E.D. Mich.) |
Apr. 7, 2016 | Michigan | $425,000.00 |
Missouri
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| Murphy v. Synergetics USA Inc., Case No. 1511-CC00778 (Mo. Cit. Ct.) | July 29, 2016 | Delaware | $425,000.00 |
New Jersey
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| In re The Chubb Corp. Shareholder Litigation, Docket No. C-012040-15 (N.J. Super. Ct–Somerset Cty.) | Mar. 24, 2017 | New Jersey | $624,712.98 |
New York
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| In re Pall Corp. Stockholder Litigation, Index No. 603314/2015 (N.Y. Supr. Ct.) | Aug. 29, 2016 | New York | $311,000.00 |
| Gordon v. Verizon Commc’ns, Inc., Index No. 653084/2013 (N.Y. Supr. Ct.) | Oct. 26, 2017 | Delaware | $1,500,000.00 |
North Carolina
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| Corwin v. British Am. Tobacco PLC, No. 14 CVS 8130 (N.C. Super. Ct.) | Feb. 17, 2016 | North Carolina | $415,000.00 |
| Li v. Bowers, No. 1:15-CV-373 (M.D.N.C.) | Mar. 22, 2016 | Delaware | $300,000.00 |
| In re Newbridge Bancorp Shareholder Litigation, 2016 WL 6885882 (N.C. Super. Ct.) | Nov. 22, 2016 | North Carolina | $160,462.88 |
Ohio
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| In re Associated Estates Realty Corporation Shareholder Litigation, Lead Case No. 1:15-cv-00857-DCN (N.D. Oh.) | June 8, 2016 | Ohio | $390,000.00 |
Oregon
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| Stein v. StanCorp Financial Group, Inc., Case No. 15CV20372 (Or. Cir. Ct.—Multnomah Cty.). | Jan. 23, 2017 | Oregon | $315,000.00 |
Pennsylvania
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| In re Susquehanna Bancshares Inc. Stockholder Litigation, Lead Case No. CI-14-10817 (Penn. Ct. Cm. Pls.—Lancaster Cty.) | June 30, 2016 | Pennsylvania | $385,000.00 |
Texas
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| Aron v. Crestwood Midstream Partners LP, Case No. 4:15-CV-01367 (S.D. Tex.) | Oct. 14, 2016 | Delaware | $575,000.00 |
Virginia
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| Leitz v. Kraft Foods Group, Inc., C.A. No. 3:15-CV-262-HEH (E.D. Va.) | Mar. 10, 2016 | Virginia | $375,000.00 |
Washington
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| Stein v. Symetra Financial Corp., et al., No. 15-2-20458-1-SEA (Wash. Super. Ct. — King Cty) | May 18, 2016 | Delaware | $288,907.76 |
Wisconsin
| Case | Date of Order | Target State of Incorporation | Award (Fees and Expenses) |
|---|---|---|---|
| In re Journal Media Group, Inc. S’holder Litig., Case No. 15-CV-9686 (Wi. Cir. Ct.–Milwaukee Cty.)† | July 24, 2017 | Wisconsin | $425,000 |
†Indicates Margrave Law involvement in case.
Change Log
- September 12, 2016: Added In re Pall Corp. Stockholder Litigation, Index No. 603314/2015 (N.Y. Supr. Ct.)
- January 23, 2017: Added In re Audience, Inc. S’holder Litig., Lead Case No. 1-15-cv-280778 (Ca. Super. Ct.—Santa Clara Cty.); In re Thoratec Corp. Shareholder Litigation, Lead Case No. RG15779109 (Ca. Super. Ct.—Alameda Cty.); Sloan v. Rentech Nitrogen Partners, LP, Case No. 2:15-cv-07818-GW-MRW (C.D. Cal.); Douglas v. Witney, Case No. 3:16-cv-00921-WHO (N.D. Cal.); Marino v. Harkey, 2016 WL 7451319 (Cal. App. 4th 2016); Jeter v. Spansion Inc., Case No. 2014-1-CV-274635 (Ca. Super. Ct.—Santa Clara Cty.); In re Home Properties, Inc. Shareholders Litigation, Consol. Case No. 24-C-15-3707 (Md. Cir. Ct.—Baltimore Cty.); Murphy v. Synergetics USA Inc., Case No. 1511-CC00778 (Mo. Cit. Ct.); In re Newbridge Bancorp Shareholder Litigation, 2016 WL 6885882 (N.C. Super. Ct.); In re Susquehanna Bancshares Inc. Stockholder Litigation, Lead Case No. CI-14-10817 (Penn. Ct. Cm. Pls.—Lancaster Cty.); and Aron v. Crestwood Midstream Partners LP, Case No. 4:15-CV-01367 (S.D. Tex.).
- February 1, 2017: Added Stein v. StanCorp Financial Group, Inc., Case No. 15CV20372 (Or. Cir. Ct.–Multnomah Cty.).
- March 23, 2017: Added Bushansky v. The Phoenix Companies, Inc., et al., No. FST-CV-15-6027891-S (Conn. Super. Ct.); In re Broadcom Corp. S’holder Litig., Lead Case No. SA 15-CV-00979 JVS (PJWx) (C.D. Cal.).
- June 2, 2017: Added In re The Chubb Corp. Shareholder Litigation, Docket No. C-012040-15 (N.J. Super. Ct–Somerset Cty.).
- July 23, 2017: Added Stein v. Symetra Financial Corp., et al., No. 15-2-20458-1-SEA (Wash. Super. Ct. — King Cty.).
- July 29, 2017: Added In re XenoPort, Inc. S’holder Litig., Lead Case No. CIV 539069 (Ca. Super. Ct.–San Mateo Cty.).
- September 20, 2017: Added In re Journal Media Group, Inc. S’holder Litig., Case No. 15-CV-9686 (Wi. Cir. Ct.–Milwaukee Cty.).
- December 18, 2017: Added Gordon v. Verizon Commc’ns, Inc., Index No. 653084/2013 (N.Y. Supr. Ct.).