Klein v. Broadhead (Florida Power & Light) – Shareholder Protection Settlement

Berger Montague served as lead counsel in this derivative action on behalf of Florida Power & Light, which was resolved by payment to the corporation of $22.25 million, of which $9.75 million was paid by individual defendants and the remainder by insurers. The settlement also incorporated the company’s agreement to certain additional relief with respect to corporate governance. This additional relief included enhanced power to non-management directors; limits on the tenure of certain Board members; limits on related party transactions Board members could enter into with the company; and limits on the directorships of public companies that directors could hold. The case was litigated in the United States District Court for the Southern District of Florida.

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About Berger Montague

Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.