Fresh Market Ex-Leaders Settle Suit for $28 Million (Correct)

Fresh Market Inc.'s former board chairman, CEO, and chief legal counsel will pay $27.5 million to resolve shareholder litigation over its $1.36 billion private equity buyout by Apollo Global Management LLC, according to a Delaware Chancery Court filing Friday.

The agreement also releases deal adviser JPMorgan from the case, although it doesn’t require any payment from the bank. Both JPMorgan and the former company leaders deny any wrongdoing.

It comes after two rulings by Glasscock that narrowed the case substantially. The judge in December 2019 rejected allegations that Fresh Market’s board accepted a below-market price to protect the reputations ...