Olshan Client City of London Investment Management Company Limited Reaches Mutual Agreement with China Fund, Inc. to Withdraw Lawsuits
Olshan client City of London Investment Management Company Limited (together with certain affiliates, “CLIM”) has reached a preliminary agreement with China Fund, Inc. (“CHN”). Pursuant to the agreement CHN withdrew the lawsuit it had filed in Federal Court in the Southern District of New York against CLIM and other defendants and CLIM withdrew the lawsuit it had filed against CHN and other defendants in the Circuit Court of Baltimore County, Maryland. CLIM and CHN also announced the following: (i) the Board of Directors (the "Board") of CHN has agreed to enter into a comprehensive search for an investment manager at the earliest practicable date; (ii) CHN has agreed to reimburse the legal costs incurred by CLIM up to $500,000, subject to CHN and CLIM requesting and obtaining such regulatory approval as necessary or required; and (iii) a committee of the Board and CLIM will meet to resolve all other outstanding matters including, but not limited to, the ultimate size and structure of CHN, a shareholder event such as a significant tender, and the adoption of enhanced Corporate Governance standards for the Board. Ken Mantel represented CLIM on the corporate side, and Thomas Fleming and Adrienne Ward represented CLIM in both the New York and Maryland litigations.