CBS.US
id: 602, Created by Stan Vick, Scout
CBS & Viacom M&A $167.5M Shareholder Settlement
How it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
Claim payout
Delaware court of Chancery
Court2020-0111
Case number13 Aug 2019
Class period Start04 Dec 2019
Class period EndA settlement of $167.5 million has been reached by investors to resolve allegations of breached fiduciary duties in relation to the 2019 CBS & Viacom merger.
The specific allegation was that Shari Redstone utilized her controlling stake to secure an unfair agreement.
ALL CURRENT HOLDERS OF PARAMOUNT GLOBAL STOCK AND ALL PERSONS OR ENTITIES WHO OR WHICH HELD SHARES OF CBS CORPORATION CLASS B STOCK AT ANY TIME BETWEEN AND INCLUDING AUGUST 13, 2019, AND DECEMBER 4, 2019.
CBS & Viacom M&A:
- On August 13, 2019, Viacom and CBS Corporation announced that they had entered into an agreement pursuant to which Viacom would merge with and into $CBS in a stock-for-stock merger transaction.
- Each outstanding share of Class A common stock of Viacom would be converted into the right to receive 0.59625 shares of Class A common stock of $CBS,
- Each outstanding share of Class B common stock of Viacom would be converted into the right to receive 0.59625 shares of Class B common stock of CBS.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Filing date
20 February 2020
Lead plaintiff
Cleveland Bakers and Teamsters Pension Fund, International Union of Operating Engineers of Eastern Pennsylvania and Delaware
Attorney
Prickett, Jones & Elliott, P.A., Kessler Topaz Meltzer & Check, LLP, Grant & Eisenhofer P.A.
Defendants
National Amusements, Inc., the Sumner M. Redstone National Amusements Trust, Shari E. Redstone, Candace K. Beinecke, Barbara M. Byrne, Gary L. Countryman, Linda M. Griego, Robert N. Klieger, Martha L. Minow, Susan Schuman, Frederick O. Terrell, Strauss Zelnick, Joseph Ianniello
Administrator
A.B. Data Ltd
Settlement agreement date
2023-05-06
Court hearing date
06 September 2023
Objection deadline
22 August 2023
Hearing deadline
22 August 2023
Trades matching type
FIFO
+$167,500,000
Total Settlement AmountCase history
Stan Vick
07 September 2023
$CBS $167.5M Settlement:
Delaware vice chancellor approved the $167.5 million settlement of long-standing direct & derivative litigation over $CBS Corporation's $30 billion acquisition of Viacom in 2019.