October 10, 2006
Ryan's Settles "Meritless" Shareholder lawsuit
Restaurant-chain operator Ryan's Restaurant Group Inc. announced that it settled a class action shareholder lawsuit involving the pending acquisition of Ryan's by Buffets Inc., owner of the Old Country Buffet. According to this report, Ryan’s contended that the South Carolina lawsuit was “without merit”, but agreed to settle in order to “avoid the expenses and distractions associated with litigation.” It is not apparent what price Ryan’s was wiling to pay to avoid this “distraction,” as settlement terms were not disclosed.
Posted by franchiselawblog at October 10, 2006 03:44 PM