In re Dollar General Corporation Shareholder Litigation
||Sixth Circuit Court for Davidson County, Tennessee; Twentieth Judicial District, Nashville
||Hon. Thomas Brothers
Dollar General Corporation (“Dollar General” or the “Company”) is a Nashville, Tennessee corporation that operates retail stores selling discounted household goods. In early March, 2007, Dollar General announced that its board of directors had approved the acquisition of the Company by the private equity firm Kohlberg Kravis Roberts & Co. (“KKR”). On March 13, 2007, BLB&G filed a class action complaint against the directors of the Company for breaches of fiduciary duty related to the proposed acquisition and against KKR for aiding and abetting those breaches. The complaint alleges that the “going private” offer was approved as a result of breaches of fiduciary duty by the board and that the price offered by KKR did not reflect the fair value of Dollar General’s publicly-held shares.
The Court appointed BLB&G Co-Lead Counsel and City of Miami General Employees’ & Sanitation Employees’ Retirement Trust as Co-Lead Plaintiff. The Court has granted final approval of a $40 million settlement (with a potential for $17 million more for the Class).