Nine-Figure Pattern Energy Buyout Suit Deal Approved in Delaware

Pattern Energy Group LP will pay a historic $100 million to resolve class action litigation in two Delaware courts over a 2020 take-private buyout of a wind and solar company by Riverstone Holdings LLC and Canada’s public pension fund.

It’s the first nine-figure settlement for a Revlon case, where the court applies a higher level of scrutiny to mergers involving a change of control, attorneys said during a hearing Friday before the Delaware Court of Chancery in Wilmington.

“Congratulations, this is a very good result for the class,” Vice Chancellor Morgan T. Zurn said in issuing a brief bench ruling. ...