Fort Lauderdale-based real estate holding company BBX Capital Corp. defeated a shareholder lawsuit in a Wednesday appellate decision that may cut down on Florida litigation challenging planned mergers.
The Fourth District Court of Appeal unanimously affirmed the dismissal of BBX shareholder Shiva Stein’s lawsuit against the company over its 2016 acquisition by BFC Financial Corp. The court ruled Stein didn’t allege specific facts showing the deal was unfair, a requirement for filing securities litigation rather than using the statutory remedy of tendering her shares for appraisal.
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