B. Riley Financial Inc. and Vintage Capital Management LLC will pay $4.75 million to end litigation challenging their stewardship of energy company Babcock & Wilcox Enterprises Inc.
The financial firms and the investor leading the lawsuit filed the settlement Thursday in Delaware’s Chancery Court. If the deal is approved by Vice Chancellor Paul A. Fioravanti Jr., it will resolve claims that B. Riley and Vintage sought to lower the cost of acquiring a majority stake in Babcock—the successor to a company that contributed to the Manhattan Project—by driving it to the brink of bankruptcy.
The suit also targeted members of ...
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