Shenker v. Polage

This appeal arises from the Circuit Court for Baltimore City’s approval of a class action settlement of claims against Cole Real Estate Investments, Inc. (“CREI”), American Realty Capital Properties, Inc. (“ARCP”), and both companies’ directors and officers, relating to their February 2014 merger. Certain CREI shareholders brought derivative and class action claims alleging that the CREI board breached its fiduciary duties in negotiating and completing due diligence for the merger. The parties reached a settlement that the circuit court approved preliminarily, but before the circuit court…