Lawsuit: Valassis Could Have Brought More Money

The pension fund maintains Mason and Recchia took measures to ensure Perelman's bid was successful, namely providing MacAndrews & Forbes with more information than other bidders received, as well as more time to review Valassis' financial documents.

The fund also contends that a conflict of interest stems from the acceptance of the MacAndrews & Forbes offer, as board members are in line to realize more than $14 million from their options and shares if the transaction is completed, the News reported.