A judge has approved a US$89.4m settlement for Del Monte Foods shareholders who claimed they lost out when the company was sold to a group of private-equity firms led by KKR in March.
Investors in San Francisco-based Del Monte launched lawsuits claiming they were shortchanged in the $5bn buyout, according to Bloomberg.
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The accord, believed to be worth an extra $0.50 per share, resolves claims that Del Monte’s financial adviser Barclays had conflicting interests because it also financed the buyers.
Neither Del Monte or KKR were immediately available for comment at time of going to press.
The US Department of Justice has opened a probe into the takeover, according to court papers filed in connection with the lawsuits.
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