Olshan client City of London Investment Management Company Limited (together with certain affiliates, “CLIM”) has reached a preliminary agreement with China Fund, Inc. (“CHN”).
Pursuant to the agreement CHN withdrew the lawsuit it had filed in Federal Court in the Southern District of New York against CLIM and other defendants and CLIM withdrew the lawsuit it had filed against CHN and other defendants in the Circuit Court of Baltimore County, Maryland. CLIM and CHN also announced the following: (i) the Board of Directors (the “Board”) of CHN has agreed to enter into a comprehensive search for an investment manager at the earliest practicable date; (ii) CHN has agreed to reimburse the legal costs incurred by CLIM up to $500,000, subject to CHN and CLIM requesting and obtaining such regulatory approval as necessary or required; and (iii) a committee of the Board and CLIM will meet to resolve all other outstanding matters including, but not limited to, the ultimate size and structure of CHN, a shareholder event such as a significant tender, and the adoption of enhanced Corporate Governance standards for the Board.
City of London Investment Management Company Limited is a privately owned investment manager. The firm primarily provides its services to pooled investment vehicles. It also caters to pension and profit sharing plans and charitable organizations. The firm is based in London.
Olshan advised City of London Investment Management Company Limited with Adam Finerman (Picture), Ken Mantel and Shawn Fateh on the corporate side, and Tom Fleming, Adrienne Ward, Kyle Kolb and Julianne Scarpino represented CLIM in both the New York and Maryland litigations.
Involved fees earner: Adam Finerman – Olshan Frome Wolosky LLP; Kenneth Mantel – Olshan Frome Wolosky LLP; Shawn Fateh – Olshan Frome Wolosky LLP; Thomas Fleming – Olshan Frome Wolosky LLP; Adrienne Ward – Olshan Frome Wolosky LLP; Kyle Kolb – Olshan Frome Wolosky LLP; Julianne Scarpino – Olshan Frome Wolosky LLP;
Law Firms: Olshan Frome Wolosky LLP;