Duff & Phelps signs memorandum of understanding to settle merger litigation

theflyonthewall.com

Duff & Phelps (DUF) disclosed that on April 5, the company signed a memorandum of understanding to settle the previously disclosed class action lawsuit captioned pending in the Commercial Division of the Supreme Court of the State of New York. The litigation relates to the agreement and plan of merger, dated December 30, 2012, pursuant to which Duff & Phelps would be acquired by a consortium comprising affiliates or funds managed by The Carlyle Group (CG), Stone Point Capital, Pictet & Cie, and Edmond de Rothschild Group. As part of the settlement, a second substantially similar lawsuit will be dismissed with prejudice. Duff & Phelps agreed to the settlement solely to avoid the costs, risks and uncertainties inherent in litigation, and without admitting any liability or wrongdoing. Additionally, as part of the settlement, Duff & Phelps has agreed to make certain additional disclosures related to the proposed merger.

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