WESTLAKE VILLAGE, CA – After nearly a year in court, Dole Food CEO David Murdock and company shareholders have agreed to settle litigation over the 2013 buyout.

Last August, Vice Chancellor Travis Laster found that Murdock and former company COO and General Counsel Michael Carter had allegedly undervalued the company after fraudulently manipulating the sale process. As a result, the executives paid approximately $1.2 billion, or $13.50 per share, about $3.00 less than the $16.24 a share that Laster found the company was worth.

A report from Reuters indicates that if Laster approves the class action settlement, shareholders will receive damages of $101 million, plus interest of at least $14 million, in the months ahead.

In addition, hedge funds affiliated with Merion Capital, Hudson Bay Capital, Magnetar Capital, and Fortress Investment Group, could also receive more than $300 million in damages and interest. According to Reuters, the funds held about 17.29 million Dole shares, but did not receive the original $13.50 per share when the deal closed. This means that the company still owes the funds $233.4 million.

During a laborious cross-examination, the judge had reportedly found that Murdock’s testimony lacked credibility. The Chief Executive said that he had overpaid for Dole.

The defendants have decided to not challenge legal fees for shareholder attorneys who could seek up to 30% of the judgment, according to Reuters.

If it weren’t for the settlement, an appeal from either side could have meant the litigation may take another year to resolve.

Dole Food Company