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Faruqi & Faruqi, LLP Announces Final Approval Of Settlement On Behalf Of Genworth Financial Shareholders

July 24, 2018

On July 4, 2018, the Honorable Robert E. Payne, Senior United States District Judge for the Eastern District of Virginia, Richmond Division, granted final approval of the proposed settlement in Rice v. Genworth Financial Inc., et al., C.A. No. 3:17-CV-00059.  F&F, as co-lead counsel, obtained significant equitable relief for Genworth Financial shareholders through the dissemination of an amendment to the proxy statement, which contained important additional information regarding the pending acquisition Genworth Financial by China Oceanwide Holdings Group Co., Ltd that had been previously withheld by Genworth. 

In granting final approval, and awarding $625,000 in attorney’s fees, Judge Payne noted that “it was a hard-fought case, and . . . counsel took a reasonable approach to trying to solve it which is to solve it quickly, and yet devise a mechanism by which they could assure themselves that the prompt resolution did not compromise the interest of their clients and the class that they were seeking to represent.”  Ultimately, Judge Payne determined “that this zealously defended, hard-fought case meets all the fairness factors. Therefore, the Court has no difficulty in approving the settlement class and approving the settlement as reasonable, fair, and adequate[.]”

The Court also noted that this case was “a model, in my judgment, for the way in which litigation of this sort ought to be dealt with professionally.”

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