Dole's Murdock Agrees To $74M Buyout-Suit Settlement
March 24, 2017 | 1 min to read
Dole Food Co. Chief Executive Officer David Murdock agreed to a $74 million settlement of claims he misled investors about a 2013 deal to take the fresh-fruit producer private so he could acquire the remainder of the company on the cheap.
Murdock and Michael Carter, Dole’s former president and chief counsel, resolved the investors’ lawsuits over the $1.2 billion transaction after meeting with a mediator in January, according to court filings.
The settlement comes almost two years after a Delaware judge concluded that Murdock and Carter should pay $148 million to investors who were shortchanged in the $13.50-per-share buyout of the 40 percent of the company Murdock didn’t already own. The settlement and the Delaware verdict bring the total amount of payouts over the buyout deal to $222 million.
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