Kaskela Law LLC has filed a class action complaint on behalf of former stockholders of HomeFed Corporation (“HomeFed” or the “Company”) in the Delaware Court of Chancery (Case No. 2019-0592-LWW).
The complaint alleges that HomeFed’s directors breached their fiduciary duties in connection with Jefferies Financial Group Inc.’s (“Jefferies”) 2019 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.
On October 13, 2021, the parties to the litigation agreed to settle the action for $15 million.