Minneapolis, MN: (Jul-13-07) The Minneapolis Firefighters' Relief Association filed a class action lawsuit against Ceridian Corp. on behalf of the company's shareholders. The lawsuit was filed over a proposed buyout by two private equity firms. Filed in Delaware Chancery Court, the suit attempted to block the company's sale to Thomas H. Lee Partners and Fidelity National Financial. Plan officials had alleged the sale would undervalue the company and that the company's board of directors had entrenched itself by delaying the annual meeting, which would allow shareholders to vote out current members. In a settlement reached, Ceridian agreed to remove a proposal that would have halted the buyout if any board members left. It also agreed to a $225 million payout. Walter Schirmer, executive secretary for the $225 million firefighters' plan, said the settlement opens the sale to multiple bidders and will give shareholders a better deal. [PENSIONS & INVESTMENTS: BUYOUT FRAUD]
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