Summary of Case and Settlement: Case No. 94 C 360 (N.D. Ill.). Class action and derivative suit under the Investment Company Act arising out of coercive tender offerings in two closed-end mutual funds. On June 3, 1997, the court approved a $24 million settlement. Magistrate Judge Edward A. Bobrick commented that “there’s no question that the attorneys for the plaintiffs and the attorneys for the defendants represent the best this city [Chicago] has to offer ... this case had the best lawyers I’ve seen in a long time, and it is without question that I am committed to a view that their integrity is beyond reproach.” (6/3/97 Tr. at 5-6.)
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