His conclusion that the settlement was "fair, reasonable and adequate to Pacific Enterprises" was based on evidence in the record. Judge Letts applied a proper legal standard and his findings of fact were not clearly erroneous. The entire session is of record, and is a sufficient reasoned response to Weinstein's objections. Judge Letts also responded to Weinstein's objections about the attorneys' fee award and ultimately lowered the award from $8 million to $4 million. For example, he stated that the derivative lawsuit would be very difficult to win and that the lawsuits would expose Pacific Enterprises to a substantial risk of bankruptcy. In his order approving the settlement, he stated that the settlement is "fair, reasonable and adequate to Pacific Enterprises and its shareholders." This conclusory statement alone would not be satisfactory, but the record reflects that Judge Letts also held an extensive settlement hearing where he responded to Weinstein's objections and explained why the derivative settlement is fair. Judge Letts has satisfied this procedural requirement. 3 We hold that in a Rule 23.1 derivative action, a district court that does not respond to objections with findings of fact and conclusions of law must provide a reasoned response elsewhere in the record. In virtually every case since Mandujano, we have refused to remand a settlement even though the district court did not respond to settlement objections with findings of fact and conclusions of law. Pacific Enterprises Deloitte & Touche, Defendants-Appellees, Tenants Shareholders Suing Derivatively and on its behalf, Eisen Jamesįoxwell Martin Seltzer Marjorie Seltzer, as Joint Rogers, Executor of the Estate of Lydia P. Pension Trust Sheldon Shore Edith Citron William P.Īnglim W.M. Pacific Enterprises, by Pisnoi Lumber & Trim Co., Inc.
Pension Trust Charles Thomas Miller William Steiner PRINCIPE Ken Rudd Steven Friedland Myraįriedland Leonard Held Pisnoi Lumber & Trim Co., Inc. In re PACIFIC ENTERPRISES SECURITIES LITIGATION. Ratzlaff Pacific Enterprises Deloitte & Touche v. Eisen James Foxwell Martin Seltzer Marjorie Seltzer, as Joint Tenants Shareholders Suing Derivatively and on Its Behalf v. Pension Trust Sheldon Shore Edith Citron William P. Pension Trust Charles Thomas Miller William Steiner Pacific Enterprises, by Pisnoi Lumber & Trim Co., Inc. Principe Ken Rudd Steven Friedland Myra Friedland Leonard Held Pisnoi Lumber & Trim Co., Inc.
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