Judge Rejects $117M Settlement Of Altria Shareholders’ Claims

Mealey's ( September 12, 2022, 11:21 AM EDT) -- RICHMOND, Va. — A Virginia federal judge on Aug. 25 denied a motion filed by shareholders in tobacco company Altria Group Inc. to settle derivative claims that certain officers and directors of Altria e-cigarette maker Juul Labs Inc. breached their fiduciary duty by orchestrating a $12.8 billion investment into Juul, with the judge calling the settlement “inadequate” in a minute entry....