KSF News, Updates, & Insights
Final Approval of $37 Million Settlement Granted in Cleco Securities
Helen Moore v. Macquarie Infrastructure and Real Assets, et al. (Cleco Corporation Merger), No. 251,417 c/w Nos. 251,456; 251,515; 252,446; 252,458; and 252,459, (9th JDC, Louisiana). On February 2, 2024, after nearly nine years of litigation, the Hon. Lowell Hazel entered a Final Judgment approving a $37 million settlement for the Class in a Class action for breach of fiduciary duties to shareholders relating to a proposed merger of the utility company Cleco Corporation – which settled just one month from trial. In addition to this significant result for shareholders, Counsel also secured a landmark Louisiana appellate decision finding that merger-related challenges are direct, and not derivative, in nature.