Berman Tabacco is proud to announce that on October 13, 2024, the parties filed a Stipulation and Agreement of Settlement, Compromise, and Release (“Stipulation”) with the Delaware Court of Chancery. The Stipulation, subject to the Court’s approval, provides for the settlement of this derivative action in return for a payment to Walmart of $123,000,000, less Court-awarded attorneys’ fees and expenses and any applicable taxes, and for Walmart to maintain certain corporate governance practices for a period of at least five years.
Links to key case filings can be found below:
- Stipulation and Agreement of Settlement, Compromise, and Release
- Exhibit A: Proposed Scheduling Order (granted with modifications)
- Exhibit B: Notice of Pendency of Derivative Action, Proposed Settlement of Derivative Action, Settlement Hearing, and Right to Appear
- Exhibit C: Summary Notice
- Exhibit D: Proposed Final Order and Judgment Approving Derivative Action Settlement
- Exhibit E: Corporate Governance Practices
- Amended Complaint
- Motion to Dismiss Opinion, Laches
- Motion to Dismiss Opinion, Demand Futility