Altaba Says Canada Rulings Back Cutting $800M Suit Reserve

By Jeff Montgomery (May 27, 2022, 8:04 PM EDT) — Attorneys for Yahoo’s former parent told a Delaware vice chancellor on Friday that recent events in two Canadian courts support drastically reducing an $800 million holdback for future court settlements with Canadian subscriber victims of privacy breaches between 2013 and 2016.

Altaba counsel Skadden Arps Slate Meagher & Flom LLP pointed to a Saskatchewan judge’s description of a stockholder call for a multidistrict reserve of over a billion dollars “mischievous, if not outright misleading” in a Wednesday decision that permanently stayed the case in his court in deference to approval of a more-than $20 million multidistrict settlement in that country….

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