UICI resolves class action and proposed merger closes
Jones Day represented UICI and its officers and directors in several consolidated class action complaints. In September 2005 UICI, which provides insurance to niche consumer and institutional markets, announced a going private merger with The Blackstone Group. Subsequently, five plaintiffs filed class action complaints against certain UICI officers and directors challenging the adequacy of the proposed transaction and alleging breach of fiduciary duty. Jones Day quickly and effectively settled the matter, allowing the proposed merger transaction to close.
In re UICI Shareholders Litigation, Consolidated No. 05-09693 (Dallas County, Tex.), Avril Scott and Alex Pepper v. UICI, et al., Consolidated No. CJ-2005-7731 (Oklahoma County, Okla.)