New York Appellate Court Describes New Standard for Disclosure-Only Settlements in New York | Practical Law
A New York appellate court approved a settlement in the litigation brought over Verizon Communications, Inc.'s purchase of its former partner Vodafone Group PLC's stake in their joint venture Verizon Wireless. The appellate court overturned the decision of the lower court, which had rejected the proposed settlement, and revised the standard for approving nonmonetary settlements in shareholder class actions.