Ares, Citi, Jefferies Win Again in $497 Million Apollo Deal Suit

Affiliates of Ares Management Corp., Citigroup Inc., and Jefferies Financial Group prevailed at Delaware’s highest court Wednesday over claims they breached their duties to investors in an under-priced $497 million sale of Smart and Final Stores Inc. to Apollo Global Management Inc.

The Delaware Supreme Court upheld a lower court’s ruling that found in February that ex-Smart and Final shareholder Glenn J. Krevlin failed to show the Ares funds controlling the food retailer withheld key information before investors voted in favor of selling to Apollo.

A two-page order signed by Justice Abigail M. LeGrow didn’t elaborate on the high ...