Wendy’s Shareholder Loses Challenge to Data Breach Settlement (1)

A Wendy’s Co. shareholder lost his bid to appeal a district court’s approval of a settlement with the fast-food giant over claims that the board and executives didn’t uphold their fiduciary duties following a 2015 data breach of its payment card system.

Thomas Caracci claimed that the settlement, which he hadn’t participated in, “dramatically reduced” his entitlement to an attorneys’ fees award despite his participation in a related derivative case.

The US Court of Appeals for the Sixth Circuit affirmed the district court’s decision Thursday, saying the lower court “acted within the bounds of its wide discretion to manage ...