Quantcast
Last updated on April 21, 2014 at 5:04 EDT

Grupo Mexico Responds to Supreme Court of Delaware’s Denial of Motion

September 22, 2012

MEXICO CITY, Sept. 22, 2012 /PRNewswire/ — Grupo Mexico, S.A.B. de C.V. (“Grupo Mexico” “GMexico” – BMV:GMEXICOB) — Grupo Mexico, S.A.B. de C.V. issued the following statement today on the Delaware Supreme Court’s denial of the Motion for Reargument by Grupo’s subsidiary Americas Mining Corporation (Americas Mining Corporation, et al., v. Michael Theraiult, as Trustee for the Theriault Trust, No. 29, 2012)

“This ruling sets a dangerous precedent, if not a new high for court sanctioned legal fees in a derivative action. Excluding the defendants shares, it represents an award of 80 percent of the benefit obtained for their clients. On an hourly basis, it comes to $35,000 per hour. This is an unwarranted transfer of wealth from the shareholders of a publicly traded company to plaintiffs’ attorneys. It turns the well established legal principle that ‘those who profited from the litigation should share its costs’ on its head, and sends a clear if disturbing message to plaintiffs’ attorneys they can be made wealthy by an award out of proportion to the benefit they actually win for their clients.” – Grupo Mexico General Counsel Mauricio Ibanez

SOURCE Grupo Mexico, S.A.B. de C.V


Source: PR Newswire