GMSR secures court settlement approval in decade-long derivative/class action litigation
February 20, 2008
Nuanes v. Insignia Financial Group (2008) 2008 Cal.App. Unpub. LEXIS 1370 (California First District Court of Appeal, Division Three) [unpublished]. This complex derivative/class action was filed in 1998 and, after multiple rounds of mediated settlement negotiations, settled in 2002. The trial court approved the settlement, but an objector—who claimed the case was worth hundreds of millions of dollars more than the settlement consideration—successfully challenged the settlement on appeal. The Court of Appeal directed further proceedings on one of the many issues involved in the settlement. Following thousands of pages of briefing and evidence and a full-day hearing, the trial court re-approved the settlement. The objector appealed again. GMSR represented the defendants on appeal, and—one month shy of the case’s ten-year anniversary—the Court of Appeal affirmed the settlement approval in full.
Nuanes v. Insignia Financial Group (2008) 2008 Cal.App. Unpub. LEXIS 1370
Kent J. Bullard
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