Cendant Corp.'s effort to recoup $31.5 million from its former president, E. Kirk Shelton, met a setback on Thursday when Eastern District of New York Judge William Walls denied summary judgment due to an issue of triable fact concerning the fairness of the settlement. Though Walls himself approved the settlement as fair, reasonable and adequate to the settling plaintiffs, and the 3rd Circuit agreed, Walls noted that no court had determined whether it was fair and reasonable to Cendant.
May 07, 2007 at 12:00 AM
1 minute read
The original version of this story was published on National Law Journal
Cendant Corp.’s effort to recoup $31.5 million from its former president, E. Kirk Shelton, met a setback on Thursday when a federal court denied summary judgment.
The amount represents 1 percent of the $3.15 billion Cendant paid to settle multiple accounting fraud actions. The company is entitled under the Securities and Exchange Act to seek contribution from culpable individuals.
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