Cannae Holdings announces settlement of action

Cannae Holdings announced court approval of the Stipulation and Agreement of Compromise, Settlement, and Release made and entered into as of March 10, 2023, by and between the Plaintiff Oklahoma Firefighters Pension & Retirement System, the Special Litigation Committee of Cannae’s Board of Directors, the company’s Board of Directors and several named officers, and the company’s external manager Trasimene Capital Management. Under the terms of the Settlement, among other things, the company will enter into an amended and restated management services agreement with Trasimene, providing for a new five-year term as well as: A reduction in the management fee payable to Trasimene by the company from 1.5% to 1.25% for assets under management greater than $2.5B; and a reduction in the termination fee payable to Trasimene to $20M in all circumstances, except upon a change-of-control, in which case the termination fee shall be $40M. Further, the Settlement requires an action by the company to create a Related Person Transaction Committee of its Board of Directors and adopt a Related Person Transaction Policy. The company will implement the above stated external management and corporate governance changes at its next regularly scheduled Board meeting in August 2023.