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State Law

: Showmeblawgs

By stan_sipple

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Applebee's settles lawsuit with New Jersey labor union's shareholder lawsuit over proxy information in Delaware Chancery Court. KC Business Journal.
A Delaware court on Friday approved settlement of a shareholder lawsuit against Applebee's International Inc., company spokeswoman Laurie Ellison said. Overland Park-based Applebee's had entered into a settlement agreement in the summer with the New Jersey Building Laborers Pension and Annuity Funds, Ellison said. The settlement required Applebee's to put more information in its proxy statement, Ellison said. IHOP Corp. (NYSE: IHP), based in Glendale, Calif., bought Applebee's on Nov. 29 for $2.04 billion. A judge in the Delaware Chancery Court approved the settlement Thursday and awarded the union about $358,000 in attorney's fees and expenses, Ellison said. On Wednesday, IHOP said costs for its purchase of Applebee's caused losses for the fourth quarter and full year despite higher revenue for both periods compared with the prior year.

Full post as published by Showmeblawgs on March 02, 2008 (boomark / email).