The attorneys general of California, Illinois and the District of Columbia are suing to block the payment until the attorneys general have reviewed Albertsons’ proposed merger with Kroger Co.
The attorneys general of California, Illinois and the District of Columbia are suing Albertsons in an effort to stop the grocery chain from paying a nearly $4 billion dividend to its shareholders.
The lawsuit is the second this week seeking to delay the dividend payment. The state of Washington's Attorney General Bob Ferguson filed a similar lawsuit in state court Tuesday.Kroger announced its plan to buy Albertsons for $20 billion last month. The deal is expected to close in early 2024 if it’s approved by the Federal Trade Commission and the Department of Justice and survives any court challenges.
The Democratic attorneys general of California, Washington, Illinois and the District of Columbia, as well as the Republican attorneys general of Arizona and Idaho, sent a letter to Albertsons last week asking the company to delay the payment. “Albertsons’ rush to secure a record-setting payday for its investors threatens District residents’ jobs and access to affordable food and groceries in neighborhoods where no alternatives exist,” D.C. Attorney General Karl Racine said in a statement.
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