Litigation over disclosures in proxy statements soliciting votes for a merger or acquisition has been — for the past several years — a near certainty, with multiple suits being filed in more than 90% of all transactions valued over $100 million and involving public companies. 17 For the past several years, more than 75% of these suits have settled with no monetary payment by the defendant; rather, the target corporation agrees to modify or make additional proxy disclosures while not opposing plaintiff's motion to certify a class, motion to approve the settlement, and motion for an award of fees for its counsel.