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Judge OKs settlement of A&P class action

A judge has granted preliminary approval to a $9 million settlement of a class action lawsuit filed against certain former executives of A&P by pension funds alleging that the retailer failed to adequately disclose its financial condition prior to its bankruptcy.

Jon Springer, Executive Editor

August 15, 2014

1 Min Read
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A judge has granted preliminary approval to a $9 million settlement of a class action lawsuit filed against certain former executives of A&P by pension funds alleging that the retailer failed to adequately disclose its financial condition prior to its 2010 bankruptcy.

The order, filed this week in U.S. District Court in Newark, N.J., approves terms of a settlement reached in May between plaintiffs led by City of New Haven Employees' Retirement System and Plumbers and Pipefitters Locals 502 & 633 Pension Trust Fund and defendants Christian Haub, Eric Claus, Brenda Galgano and Frederic Brace. Haub and Claus are former CEOs of the company; Galgano was a former CFO; and Brace a former chief administrative officer.

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The defendants admitted no wrongdoing as part of the settlement.

The case was initially filed in 2011, and amended as parts were dismissed, including charges against two additional former CEOs, Ron Marshall and Sam Martin, as well as former chairman Ron Burkle and investor Yucaipa Cos.

 

About the Author

Jon Springer

Executive Editor

Jon Springer is executive editor of Winsight Grocery Business with responsibility for leading its digital news team. Jon has more than 20 years of experience covering consumer business and retail in New York, including more than 14 years at the Retail/Financial desk at Supermarket News. His previous experience includes covering consumer markets for KPMG’s Insiders; the U.S. beverage industry for Beverage Spectrum; and he was a Senior Editor covering commercial real estate and retail for the International Council of Shopping Centers. Jon began his career as a sports reporter and features editor for the Cecil Whig, a daily newspaper in Elkton, Md. Jon is also the author of two books on baseball. He has a Bachelor of Arts degree in English-Journalism from the University of Delaware. He lives in Brooklyn, N.Y. with his family.

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