Bloomberg Law
Aug. 22, 2022, 8:45 PM

CVR Refining Pays $79 Million to Resolve Icahn Buyout Challenge

Mike Leonard
Mike Leonard
Legal Reporter

CVR Refining LP affiliates will pay $78.5 million to settle investor litigation challenging the fuel supplier’s $241 million buyout by affiliates of billionaire activist investor Carl Icahn, according to court filings Monday in Delaware.

The two sides docketed the class action settlement in Delaware’s Chancery Court, where former CVR Refining investors sued Icahn in 2019, accusing him of exploiting his control over the enterprise to manipulate the deal price. The lawsuit sought up to $500 million.

Icahn defended the transaction at a July 2021 trial, about 18 months after a judge found the investor claims plausible. He testified that he ...