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Global Payments, Heartland Payment settlement with shareholder approved by court

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Global Payments, Heartland Payment settlement with shareholder approved by court

Global Payments Inc. and Heartland Payment Systems LLC's settlement of a shareholder lawsuit over the two companies' merger received court approval April 7, according to a regulatory filing.

Under the settlement agreement, Heartland agreed to pay the plaintiff's counsel $325,000 in attorney's fees. The companies said the settlement releases all claims that were or could have been brought to challenge the merger or any related merger.

The lawsuit, filed in January 2016, alleged, among other things, that the Heartland directors breached their fiduciary duties to Heartland shareholders by agreeing to sell Heartland for inadequate consideration, agreeing to improper deal protection terms in the merger agreement and failing to properly value Heartland.