J Crew Settles Investor Lawsuits for $16 million

In Fashion Law by FASHIONENTLAW™

Folks, the real buzz word here in this story is the term “settlement agreement.” Should you currently be in litigation and reach this stage, your lawyers will handle this. You should have a lawyer at this stage. The goal here is the parties resolve the dispute and decide all the fighting is not worth it. Both sides are losing money and the lawsuit just keeps dragging. Plus, there is no telling what might happen at trial. So, both sides have an incentive to settle.
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Investors agreed to a $16 million settlement of lawsuits stemming from the buyout of clothing retailer J Crew Group Inc by two private equity groups, according to an investor attorney.

The settlement is based on an earlier $10 million agreement that collapsed in January, according to Stuart Grant of Grant & Eisenhofer PA, which represents shareholders.

The earlier agreement collapsed after each side accused the other of failing to keep up its end of the bargain.

The shareholder lawsuits stem from the $3 billion deal by TPG Capital LP and Leonard Green & Partners LP to buy the company, which has more than 300 stores and a catalog operation.

TPG and J Crew declined to comment. Leonard Green did not return calls for comment. . .” Reuters has the full story.

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Fashionentlaw™ is the brainchild of Uduak Oduok (Ms. Uduak), an ex-fashion model and industry veteran turned Fashion and Entertainment lawyer. The law blog discusses hot topics in pop culture arising primarily out of the fashion industry.

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