Vice chancellors quietly approved two separate shareholder lawsuits last week that netted plaintiffs’ attorneys million-dollar fees.
In In Re Sun Energy L.P., Vice Chancellor Myron T. Steele passed favorably on a settlement in the Kerr-McGee Corp. takeover of 5 percent of Sun Energy. Plaintiffs’ lawyers helped add $9.6 million to the original bid of $34 million and Steele approved $1.37 million in plaintiffs’ legal fees, which defendants will pay.
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