Olshan Achieves Delaware Litigation Victory for Client Stilwell Value
Delaware Vice Chancellor J. Travis Laster ruled in favor of Olshan client Stilwell Value by awarding over $600k in legal fees in connection with a complaint brought against HopFed Bancorp Inc. The complaint accused HopFed of adopting irrational and overbroad rules disqualifying from director service anyone sanctioned by financial regulators as well as qualified independent candidates nominated by sanctioned investors. HopFed was also accused of using its share repurchase power to eliminate the company’s second-largest independent investor and of developing an employee stock ownership plan that created a pro-management voting block.
Stilwell Value LLC is an employee owned hedge fund sponsor. The firm, led by Joseph David Stilwell and Xiao Ming Jiang, primarily provides its services to pooled investment vehicles.
Hopfed Bancorp, Inc. is the holding company for Hopkinsville Federal Savings Bank. The bank, led by John E Peck, Bailey Knight and Keith Bennett, in 2017 recorded $41.7 Billion Revenues.
Olshan advised with a team including Thomas Fleming (Picture), Kyle Kolb and Meagan Reda.
Law Firms: Olshan Frome Wolosky LLP;
Clients: Stilwell Value LLC;