T 201 567 7377
F 201 567 7337
T 212 905 0509
F 212 905 0508

info@gardylaw.com 560 Sylvan Avenue
Englewood Cliffs, NJ 07632
Tower 56
126 East 56th Street
New York, NY 10022

News


New York State Supreme Court approves Gardy & Notis, LLP recovery of 85% of maximum potential damages in Value Line, Inc. Derivative Litigation
February 13, 2012
Gardy & Notis, LLP has been appointed by the Court as lead counsel for shareholders of Value Line, Inc. (NASDAQ: VALUE) seeking to recoup damages against Value Line’s controlling shareholder and certain of its former officers based on allegations of a scheme where certain Value Line mutual funds were overcharged brokerage commissions.  Value Line agreed to consent order with the SEC to disgorge the commissions and pay penalties and interest to the SEC.  Along with the attorney’s fees paid to defend the SEC action, the damages attributable to the 13.5% of Value Line common stock not owned by the controlling shareholder was approximately $3.36 million.

Gardy & Notis, LLP achieved a settlement whereby the controlling shareholder would pay $2.9 million to a settlement fund for the sole benefit of Value Line’s 13.5% shareholders, representing a recovery for the minority shareholders of more than 85% of the maximum amount of monetary damages recoverable if shareholders were successful at trial and on appeal.

The case is Kahn v. Buttner, Index No. 650320/2008, in the Supreme Court of the State of New York, New York County.
Back to News Article List...
All contents copyright Gardy & Notis, LLP. All rights reserved

Attorney Advertising

Web Design - DreamingCode