Court approval of settlement affirmed: In the Matter of the Estate of Bhagat
Appellant appealed from a final judgment authorizing the temporary limited administrator of the estate to settle an action pending in the Chancery Division.
Three separate lawsuits resulted from a family business dispute, a contest of decedent's will, and the appointment of a temporary limited administrator to handle the business dispute litigation after decedent's death. Decedent had executed multiple wills.
After a temporary limited administrator was appointed, the administrator found insufficient assets in the estate to fund the business dispute litigation. A settlement was reached and approved by the judge.
On appeal, the court affirmed the lower court's decision. Appellant argued the judge erred in approving the settlement, but the court found no abuse in discretion by the lower court judge. The trial judge considered the risks, costs, and evidence in the underlying matter.
Appellant claimed the settlement was a small fraction of the amount sought in the complaint, but the court noted there was no support for the original valuation and the likelihood of prevailing was not certain.
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