Anne D. Manos, James N. Mercer v. James F. Voelker, and the marital community composed of James F. Voelker and Patricia J. Voelker, husband and wife; John E. Cunningham IV, and the marital community composed of John E. Cunningham IV and Jane Doe Cunningham, husband and wife; Jules Haimovitz, and the marital community composed of Jules Haimovitz an
Published: Nov. 27, 2010 | Result Date: Sep. 1, 2010 | Filing Date: Jan. 1, 1900 |Case number: 08-2-43209-2 SEA Settlement – $26,650,000
Court
King Superior
Attorneys
Plaintiff
Defendant
James G. Kreissman
(Simpson, Thacher & Bartlett LLP)
Facts
Anne Manos and James Mercer were shareholders of InfoSpace, an internet search company.
Contentions
PLAINTIFFS' CONTENTIONS:
Manos and Mercer filed a derivative shareholder suit on behalf of InfoSpace against its former officers and directors, alleging that special compensation packages were established for executives. The shareholders alleged that the board of directors approved around $50 million in payments in 2007, resulting in unfairness to the company.
DEFENDANTS' CONTENTIONS:
The officers denied any wrongdoing.
Result
The parties reached a settlement for $26.65 million.
Other Information
Attorneys for Other Settling Parties: Donald E. Bradley (Wilson, Sonsini, Goodrich & Rosati, PC, Palo Alto) for Wilson, Sonsini, Goodrich & Rosati, PC; Robert Joseph Pia (Law Offices of Robert Pia, San Francisco) for Syzygy Consulting Group LLC.
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