Hotelier Wyndham International Inc. and other defendants agreed to settle shareholders’ suits filed over a $1 billion stock sale by the fourth-largest U.S. hotel company and to pay up to $1.25 million in plaintiffs’ legal fees and expenses.

Dallas-based Wyndham, which recently changed its name from Patriot American Hospitality Inc., agreed in January to sell a 30 percent stake in the company in convertible preferred stock for $700 million. The buyer was a group headed by financiers Leon Black and Thomas Lee and the investment was part of a rescue package to keep the operator of more than 300 hotels out of bankruptcy.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]