Agreeing to pay $35 million, a publicly held hotel and resort company has settled a class action with a group of investors represented by a Pennsylvania attorney. Florida-based REIT CNL Hotels & Resorts has reworked a merger agreement for significantly less cost to its investors, said Nicholas E. Chimicles, lead litigation counsel to class members. For all of the plaintiffs attorneys' work on behalf of the proxy class, the judge awarded $5.5 million in expenses and fees, according to the settlement.
August 10, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Agreeing to pay $35 million, a publicly held hotel and resort company has settled a class action with a group of investors represented by a Main Line, Pa., attorney.
The settlement in In re CNL Hotels & Resorts, Inc. Securities Litigation was approved last month by a Florida federal judge, said Nicholas E. Chimicles of Chimicles & Tikellis in Haverford, Pa., the lead litigation counsel to class members.
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