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Barclays, Del Monte Settle Shareholder Lawsuit

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Del Monte Corporation and Barclays Capital Inc., will pay $89.4 million to settle a lawsuit filed by shareholders claiming that Barclays, who advised Del Monte in a buyout earlier this year, had a conflict of interest.

The attorney for the plaintiffs said that Del Monte agreed to pay shareholders $65.7 million, and Barclays agreed to contribute $23.7 million to the settlement. Vice Chancellor J. Travis Laster in the Delaware Court of Chancery Court must approve the deal.

A group of private equity firms acquired Del Monte for $4 billion in March of this year. The Vice Chancellor said Barclays manipulated the process and worked in secret with the private equity firms to boost its fees.

breakinglawsuitnews.com disclaimer: This article: Barclays, Del Monte Settle Shareholder Lawsuit was posted on Tuesday, October 11th, 2011 at 7:44 pm at breakinglawsuitnews.com and is filed under Fraud Lawsuits.

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