T. Rowe Price has agreed to a $25 million settlement with Dell over Dell’s recent buyout, the Wall Street Journal reports. The settlement will allow T. Rowe Price to offset part of the $194 million it paid to its clients to reimburse them for a proxy voting error that resulted in an accidental vote in favor of the transaction. The settlement will require that T. Rowe Price not appeal a Delaware decision denying appraisal rights for the firm’s clients. According to the article, the settlement will allow Dell to avoid “the risk of an expensive and uncertain appeal.”
