Albertson's Plans to Settle Suit Tied to Supervalu Purchase
BOISE, Idaho -- Albertson's Inc., the supermarket chain being sold to a group led by Supervalu Inc., plans to settle a shareholder class-action lawsuit tied to the deal.
According to a report by Bloomberg News, Albertson's said in a regulatory filing released Friday it has entered into a memo of understanding to settle the suit. The chain also said in the filing that it has agreed to disclose more information about the circumstances and events leading up to the acquisition agreement.
Supervalu agreed in January to buy more than 1,110 Albertson's stores. Subsequently, investor filed a class-action complaint in the District Court of the Fourth Judicial District of Idaho, County of Ada, on Feb. 24, claiming that Albertson's breached its fiduciary duties in pursuing the transaction.
According to a report by Bloomberg News, Albertson's said in a regulatory filing released Friday it has entered into a memo of understanding to settle the suit. The chain also said in the filing that it has agreed to disclose more information about the circumstances and events leading up to the acquisition agreement.
Supervalu agreed in January to buy more than 1,110 Albertson's stores. Subsequently, investor filed a class-action complaint in the District Court of the Fourth Judicial District of Idaho, County of Ada, on Feb. 24, claiming that Albertson's breached its fiduciary duties in pursuing the transaction.