Aiena v. Olsen

OPINION

KAPLAN, District Judge.

In March 1997, Johnson & Higgins (“J & H”), a well known and closely held insurance firm, was sold to Marsh & McLennan Companies, Inc. (“Marsh”) for aggregate consideration valued at $1.8 billion. Plaintiffs, former J & H director-shareholders who retired prior to the Marsh deal and, upon retirement, sold their J & H shares back to the company for certificates entitling them to receive for ten years payments equivalent to dividends on the shares they sold, were paid nearly $300 million for their certificates as part of the transaction. They claim, however, that…