Volta Investor Loses Bid for Attorney Fees in Shell Merger Suit

A shareholder who pushed Volta Inc. to disclose more details about banks involved in Shell Plc‘s purchase of the electric-vehicle charging company lost his request for over $171,000 in attorneys’ fees.

Volta amended its proxy statement to include the requested information after the shareholder, David Belcher, sued. But the information, which was already publicly available, didn’t meaningfully benefit Volta shareholders, Judge Jed Rakoff in the US District Court for the Southern District of New York said Friday.

Investors are filing more lawsuits in federal court objecting to companies’ merger disclosures, after Delaware’s Chancery Court cracked down on disclosure-based settlements ...