In August 2019, Kaskela Law filed a stockholder class action complaint on behalf of former HomeFed Corp. (“HomeFed”) stockholders following Jefferies Financial Group Inc.’s (“Jefferies”) May 2019 stock-for-stock acquisition of HomeFed.  In re HomeFed Corp. Stockholder Litig., Consol. C.A. 2019-0592-LWW (Del. Ch.).

Among other things, the complaint alleged that HomeFed’s directors breached their fiduciary duties in connection with Jefferies’ untimely acquisition of HomeFed.

On July 13, 2020, Chancellor Bouchard denied defendants’ motions to dismiss the complaint.  The Court’s Memorandum Opinion is available at https://courts.delaware.gov/Opinions/Download.aspx?id=308050.

In February 2022, the Court approved of a proposed settlement of the action for $15 million.