Well-known clothier Abercrombie & Fitch Co. is the latest company to agree to settle a shareholder’s lawsuit over the adoption of the largely discredited poison pill takeover defense.
Abercrombie & Fitch has dropped the company’s dead-hand pill and will pay as much as $50,000 in lawyers’ fees and costs to settle a suit filed by shareholder Harvey Altman. The investor sued in Chancery Court in August 1998 seeking to knock out the pill, according to a copy of the settlement agreement filed with the court.
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