Longs Drug Stores agrees to settle suits over CVS deal
Longs Drug Stores Corp. agreed to settle some class action lawsuits connected to its proposed sale to CVS Caremark Corp.
A court must still approve any settlement, which would dismiss the claims. Complaints had been filed against Longs (NYSE: LDG) on behalf of the Louisiana Municipal Police Employees' Retirement System, Steamfitters Local 449 Pension Fund and Pipefitters Local No. 636 Defined Benefit Plan, alleging breach of fiduciary duties. Company directors like CEO Warren Bryant, Murray Dashe and Evelyn Dilsaver were also named in the complaints, as was CVS pay day loans.
Longs didn't give details of the proposed settlement.
CVS Caremark (NYSE: CVS) seeks to buy Longs for $71.50 a share, or about $2.9 billion.
Longs is based in Walnut Creek and has 521 stores on the West Coast and in Hawaii. CVS, based in Woonsocket, R.I., has about 6,300 stores.
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