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The ERISA class action lawsuit claims L Brands allowed service providers to charge unreasonable record-keeping and administrative expenses to the plan. In addition, L Brands allegedly selected high-cost investments for the plan instead of more prudent investments that would have resulted in better plan performance.

Under the proposed settlement, common stockholders and preferred shareholders would own 37.15% and 62.85%, respectively. While the deal would compensate common stock holders for the dilution, they had no right to settle potential claims by holders of preferred stock, Zurn wrote on Friday.

The new lawsuit was filed by Kevin Barnes, who's allegedly record holder of 111 Class A shares and the same number of APEs. Barnes also beneficially owns an unspecified number of additional securities and derivatives that he holds through brokerages, ing to the complaint.

WILMINGTON, Delaware, Aug 11 (Reuters) - A Delaware judge approved AMC Entertainment's (AMC.N) revised stockholder settlement on Friday, three weeks after the judge rejected a related deal by the cinema operator. The ruling sent the shares of the company's preferred stock soaring 27%.

AMC got court approval on Friday for a settlement of a class action lawsuit by holders of the company's common stock, clearing the way for the company to convert its preferred stock, known as APEs, to common shares.

In 2023, AMC's business is still floundering, reporting a $235 million net loss in the first quarter. However, the stock recently demonstrated its major short squeeze potential, surging 35% after a court ruled against the company's preferred share conversion plan. AMC's short interest is up to 30% of its float.

Under the settlement, AMC will provide stock worth an estimated $129 million to common shareholders to settle potential legal claims related to a stock conversion plan.

Under the settlement, AMC will provide stock worth an estimated $129 million to common shareholders to settle potential legal claims related to a stock conversion plan.

The ERISA class action lawsuit claims L Brands allowed service providers to charge unreasonable record-keeping and administrative expenses to the plan. In addition, L Brands allegedly selected high-cost investments for the plan instead of more prudent investments that would have resulted in better plan performance.

Under the proposed settlement, common stockholders and preferred shareholders would own 37.15% and 62.85%, respectively. While the deal would compensate common stock holders for the dilution, they had no right to settle potential claims by holders of preferred stock, Zurn wrote on Friday.

The new lawsuit was filed by Kevin Barnes, who's allegedly record holder of 111 Class A shares and the same number of APEs. Barnes also beneficially owns an unspecified number of additional securities and derivatives that he holds through brokerages, ing to the complaint.

WILMINGTON, Delaware, Aug 11 (Reuters) - A Delaware judge approved AMC Entertainment's (AMC.N) revised stockholder settlement on Friday, three weeks after the judge rejected a related deal by the cinema operator. The ruling sent the shares of the company's preferred stock soaring 27%.

AMC got court approval on Friday for a settlement of a class action lawsuit by holders of the company's common stock, clearing the way for the company to convert its preferred stock, known as APEs, to common shares.

In 2023, AMC's business is still floundering, reporting a $235 million net loss in the first quarter. However, the stock recently demonstrated its major short squeeze potential, surging 35% after a court ruled against the company's preferred share conversion plan. AMC's short interest is up to 30% of its float.

Under the settlement, AMC will provide stock worth an estimated $129 million to common shareholders to settle potential legal claims related to a stock conversion plan.

Under the settlement, AMC will provide stock worth an estimated $129 million to common shareholders to settle potential legal claims related to a stock conversion plan.