SS&C Technologies

Hartford, CT: (Jul-16-07) A lawsuit was brought against Windsor-based SS&C Technologies alleging that the private company directors benefited from the company's buyout deal at the expense of shareholders. The dispute began in July 2005, when two then-shareholders in SS&C, Paulena Partners LLC and Stephen Landen, each separately sued SS&C's directors, alleging that they benefited at stockholders' expense from a $982 million buyout of the company led by The Carlyle Group and SS&C founder William Stone. A Delaware court combined the suits into a single class action a month later. In October of that year, before the buyout closed, the two signed a memorandum of understanding to settle the case provided SS&C include some additional disclosures about the transaction in its proxy statement to shareholders. In a settlement reached, SS&C agreed to pay $350,000 to the plaintiffs for legal fees. [HARTFORD BUSINESS: BUYOUT FRAUD]