Cases & Investigations
Bluegreen Corporation Shareholder Litigation  

In In re Bluegreen Corporation Shareholder Litigation, Case No. 502011CA018111 (Florida, 15th Judicial Circuit), Wolf Popper served as co-lead counsel in a class action filed on behalf of the minority shareholders of Bluegreen Corporation (“Bluegreen” or the “Company”) following the Company’s acquisition by its majority shareholder, BFC Financial Corporation.  The named plaintiffs, who controlled approximately one million shares of Bluegreen common stock, alleged that BFC’s acquisition of Bluegreen was pursuant to an unfair process and that the merger consideration of $10.00 per Bluegreen share was inadequate.
 
After four years of intense litigation, the parties reached a settlement that created a common fund of $36,500,000, which, in its gross amount, was equivalent to approximately $2.50 per share, or 25% more than the $10.00 per share merger price.  The common fund is the largest for a lawsuit challenging a merger in Florida legal history, dwarfing the prior record by more than 400%.  According to the Court, "[t]he recovery in the instant case stands in sharp contrast to Florida common fund recoveries and merger suits over the past few years.  The success of this resolution is well above the norm."
 
On September 11, 2015, the Court entered its Final Order and Judgment approving the settlement after finding it to be “fair, reasonable, adequate and in the best interests” of the Class.  In a subsequent Order approving plaintiffs’ counsel’s request for attorneys’ fees and expenses, the Court praised “the vigorous and skillful manner in which [the case] was litigated by both sides,” and further found that “all counsel performed with considerable skill” and were “excellent lawyers.”

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