Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, April 23, 2007

Just for Feet Outside Directors Settle for $41.5 Million

Five former outside directors of bankrupt Just for Feet Inc. paid $41.5 million to settle a lawsuit brought by the bankruptcy trustee charging them with misrepresentations, conflict of interests, breach of fiduciary duty and bad faith.  The company failed in 1999 as a result of an accounting fraud.  The settlement is believed to be the largest paid by outside directors.  See WSJ, Settlement in Just for Feet Case May Fan Board Fears.
 

http://lawprofessors.typepad.com/securities/2007/04/just_for_feet_o.html

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