Sean Griffith was featured in a Law360 article about his objection to a proposed settlement in a lawsuit against Goldman Sachs.
Activist investor Sean J. Griffith — also a professor at the Fordham University School of Law — had objected to the settlement, saying Stein overrepresented the value of the consideration being given to the shareholder and the company, especially in light of the fact that the releases would bar any shareholder from ever pursuing derivative claims over the director compensation issues.
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As a result of his conclusions, Vice Chancellor Glasscock denied a request for attorneys’ fees and expenses made by Stein in an amount not to exceed $575,000, but granted a request for fees made by Griffith. The parties are directed to confer and come up with an appropriate amount of fees for Griffith’s attorneys.
Goldman Sachs told Law360 Tuesday that the court’s decision kept the plaintiff’s claims alive and they were prepared to argue in their own defense.
“We are disappointed that the settlement of these claims was not approved, but they remain subject to our pending motion to dismiss,” the company said in a statement.