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Del Monte, Barclays settle shareholder suit

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[October 07, 2011]  WILMINGTON, Del. (AP) -- Del Monte Corp. and Barclays Capital Inc. have agreed to pay $89.4 million to settle a shareholder lawsuit that claimed Barclays, which advised Del Monte in the food maker's buyout this year, had a conflict of interest.

Plaintiffs' attorney Stuart Grant said Thursday that Del Monte agreed to pay shareholders $65.7 million. Barclays agreed to contribute $23.7 million to settle the case.

Vice Chancellor J. Travis Laster in the Delaware Court of Chancery Court must approve the deal.

A group of private equity firms led by Kohlberg Kravis Roberts & Co. acquired Del Monte for $4 billion in March.

Laster said Barclays manipulated the process and worked in secret with the private equity firms to boost its fees.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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