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1
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MEMORANDUM OPINION
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EXTRACTED KEY WORDS
COUNSEL COURT ESQUIRE DELAWARE COMMITTEE MEMBERS YORK SETTLEMENT FEE PLAINTIFFS ATTORNEYS DEFENDANTS AXA LITIGATION OPINION OBJECTION WILMINGTON PROPOSALS CASH PORTION TRANSACTION LLP CHANCERY STOCKHOLDERS SPECIAL COMMITTEE EXPENSES CONSUMER FRAUD SHAREHOLDERS PENNSYLVANIA NEGOTIATIONS REPRESENTING |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE AXA FINANCIAL, INC. 1 Consolidated
SHAREHOLDERS LITIGATION ) C.A. No. 18268
MEMORANDUM OPINION
Submitted: March 20,2002
Decided: May 16,2002
:b
Cr'/7Ldi,(: Muy 22, =.2&v-2
Norman M. Monhait, Esquire, ROSENTHAL MONHAIT GROSS &
GODDESS, Wilmington, Delaware, Delaware Liaison Counsel for Plaintie;
Arthur N. Abbey, Esquire, James S. Notis, Esquire, ABBEY GARDY, LLP,
New York, New York; Stanley D. Bernstein, Esquire, Michael S. Egan,
Esquire, BERNSTEIN LIEBHARD & LIFSHITZ, LLP, New York, New
York, Co-Chairs of Plaintifss ' Executive Committee: Lawrence D. Levit,
Esquire, WOLF POPPER LLP, New York, New York; Neil L. Selinger,
Esquire, LOWEY DANNENBERG BEMPORAD & SELINGER, P.C.,
White Plains, New York, Members of Plaintifs Executive Committee.
Jesse A. Finkelstein, Esquire, RICHARDS, LAYTON & FINGER,
Wilmington, Delaware; Rory 0. Millson, Esquire, Kara L. Kreisher, Esquire,
CRAVATH SWAINE & MOORE, New York, New York, Attorneys for
Defendants AXA and Claude Bebear, Francoise Colloc `h, Henri de Castries,
Jean-Rene Fourtou, Didier Pineau- Valencienne, Anthony J. Hamilton and
Claus-Michael Dill.
Donald J. Wolfe, Esquire, POTTTER ANDERSON & CORROON LLP,
Wilmington, Delaware; John H. Hall, Esquire, Jeffrey I. Lang, Esquire,
DEBEVOISE & PLIMPTON, New York, New York, Attorneys for
Defendants AXA Financial, Inc. and Edward D. Miller, John S. Chalsty,
Donald J. Greene, John H. F. Haskell, Jr., Michael Hegarty, W. Edwin
Jar-main, and Dave H. Williams.
A. Gilchrist Sparks, III, Esquire, S. Mark Hurd, Esquire, MORRIS
NICHOLS ARSHT & TUNNELL, Wilmington, Delaware; Michael J.
Chepiga, Esquire, George S. Wang, Esquire, SIMPSON THACHER &
BARTLETT, New York, New York, Attorneys for Defendants Joseph L.
Dionne, John T. Hartley, Nina Henderson, George J. Sella, Jr., and Peter J.
Tobin.
Bruce W. McCullough, Esquire, M CCULLOUGH & McKENTY, P.A.,
Wilmington, Delaware, Attorney for G. Clinton Kelley, Esquire, Objector.
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2
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STIPULATION OF SETTLEMENT
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EXTRACTED KEY WORDS
COURT STIPULATION TRANSACTION PARTIES ATTORNEYS PROPOSED TRANSACTION PLAINTIFFS DELAWARE CASH DEFENDANTS YORK COUNSEL CONSOLIDATION COMPLAINTS CLAUDE BEBEAR LLP SPECIAL COMMITTEE PARTIES HERETO REVISED TRANSACTION REPRESENTATIVES EXPENSES CHANCERY CASTLE COUNTY AXA FINANCIAL COMMON COMPLAINTS CHALLENGING STYLED FRED BUFF SHAREHOLDERS FAIRNESS LITIGATION |
ORIGINAL
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE ;;
IN AND FOR NEW CASTLE COUNTY :--.
,
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IN RE AXA FINANCIAL, INC. CONSOLIDATED ;;
SHAREHOLDERS LITIGATION : CIVIL ACTION N O
STIPULATION OF SETTLEMENT
The parties to the above-captioned consolidated action, by and through their
respective attorneys, have entered into the following Stipulation of Settlement (the
"Stipulation") subject to the approval of the Court of Chancery of the State of Delaware in
and for New Castle County (the "Court"):
WHEREAS,
A. On August 30, 2000, AXA Financial, Inc. ("AXA Financial") announced
that AXA, which controlled approximately 60% of AXA Financial's outstanding stock, had
proposed to acquire by tender offer followed by a merger all of the AXA Financial common
stock that it did not already own for $32.10 in cash and 0.271 of an AXA American
Depository Share ("ADS") per AXA Financial share (the "Proposed Transaction").
B. Following the August 30, 2000 announcement, 14 class action
complaints challenging the Proposed Transaction were filed in the Court, styled Fred Buff v.
AXA Financial. Inc., et al., C.A. No. 18268-NC; Sarah Wolhendler v. Claude Bebear, et al.,
CA. No. 18269-NC; Jerome and Selma Stone v. AXA Financial. Inc.. et al., C.A. lS271-NC;
Louis Deranieri v. AXA Financial, Inc.. et al., CA. No., 18272-NC; Maxine Phillius v. AXA
Financial. Inc., et al., C.A. No. 18273-NC; Ruth Ravnitskv v. AXA Financial. Inc., et al.,
C.A. No. 18274-NC; Richard Kager v. AXA Financial, Inc., et al., C.A. No. 18275NC;
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3
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CLASS ACTION COMPLAINT
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EXTRACTED KEY WORDS
DEFENDANT AXA GROUP PLAINTIFF SENIOR EXECUTIVE VICE SHAREHOLDERS COMMON STOCK EXECUTIVE VICE PRESIDENT JOHN WILLIAMS MEMBERS PUBLIC SHAREHOLDERS DAMAGES RELIEF ADEQUATE DIRECTORS ACTING MILLER MICHAEL HEGARTY PETER TOBIN DAVID DONALD GREENE WILLIAM EDWIN JARMAIN HASKELL PLAINTIFF ALLEGES CHIEF CHAIRMAN EXECUTIVE BOARD |
-_I _ _, :
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE' ,I,l I
IN AND FOR NEW CASTLE COUNTY
- _ ._ - - - - - - __ - - - - - - - - X
FRED BUFF, C.A. No.
Plaintiff,
-against- CLASS ACTION COMPLAINT
AXA FINANCIAL, INC, EDWARD D.
MILLER, CLAUDE BEBEAR,
FRANZOISE COLLOC'H, HENRI DE
CASTRIES, JEAN STEELE CHALSTY,
JEAN-RENE FOURTOU, DIDIER
PINEAU-VALENCIENNE, ANTHONY J.
HAMILTON, MICHAEL HEGARTY,
CLAUS-MICHAEL DILL, JOSEPH L.
DIONNE, JOHN T. HARTLEY, GEORGE
J. SELLA, JR., PETER J. TOBIN,
DAVID H. WILLIAMS, DONALD J.
GREENE, WILLIAM EDWIN JARMAIN,
JOHN H.F. HASKELL, JR. and AXA
GROUP,
Defendants.
- _ - _. - - - _ - - - - - - - - - -k
Plaintiff alleges upon information and belief, except as
to paragraph 1 which plaintiff alleges upon knowledge, as follows:
1. Plaintiff is a shareholder of AXA Financial, Inc.
("AXA Financial" or the "Company").
2. AXA Financial is a corporation duly organized and
existing under the laws of the State of Delaware, with its
prircipal offices located at 1290 Avenue of the Americas, New York,
New York 10104. AXA Financial is a provider of diversified
finaLncial services, including insurance and annuity products,
investment banking and assets management services.
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