$35 Million CNL Hotels & Resorts Class Action Settlement Got Final Approval
A $35 million class action settlement against CNL Hotels & Resorts has been approved by a federal judge in Orlando.
More than 100,000 class members received notice of the settlement and CNL will make three payments between January 2007 and January 2009, after which monies will be distributed.
The lawsuit, which was filed in August 2004, claimed that CNL Hotels obscured its financial condition around the time the company was preparing a merger agreement and stock offering. The court also awarded $5.5 million in legal fees and expenses to plaintiff’s attorneys and 20 percent, or $7 million, of the settlement total.
Filed under Class Action, General Law, Settlements
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