Tuesday, January 08, 2008

Tracking the Opt-Out Settlements

To see this page on The D & O Diary's new website, click here. To go to the home page of The D & O Diary's new website, click here.

In prior posts (most recently here), I have written about the increasing importance of opt-out settlements in the context of securities class action litigation. Along the way, numerous readers have inquired whether I am aware of a publicly available resource that is tracking the securities lawsuit opt-out settlements. I am not aware of any public resource, but because there clearly is an interest in having this information available, I have gone ahead and compiled all of the opt-out settlement information of which I am aware. My list of the opt-out settlements can be found here.

Readers should understand that the opt-out information I have compiled is necessarily limited to the settlements of which I am aware and is limited to publicly available information. The information is also limited to recent prominent securities lawsuit opt out settlements; there may well be earlier or other cases that had opt out settlements of which I am simply unaware. As a result, the information on the linked document is undoubtedly incomplete. I welcome any additional information that any readers would be willing to provide, and I will endeavor to keep the data updated as new or additional information becomes available.

My most recent comprehensive overview of the opt-out settlements generally can be found here. My recent post detailing the Qwest opt-out settlements can be found here. Readers should be further aware that virtually all of the opt-out settlements identified in the linked document have been described or at least mentioned in prior posts on this blog, and these prior discussions can be retrieved by using the search box in the upper left hand corner of the blog home page.

Options Backdating Settlement: On January 4, 2008, Nabors Industries announced (here) that it had entered a settlement agreement in connection with the consolidated options backdating-related shareholders derivative lawsuit that had been filed against the company and certain of its directors and officers in the Southern District of Texas. In connection with the settlement, Nabors Industries agreed to "certain corporate governance reforms, a new equity award policy, and a modified Compensation Committee Charter." The company and its insurer also agree to pay up to $2.85 million to plaintiffs’ counsel for the plaintiffs' attorneys' fees and expenses.

I have added the Nabors Industries settlement to my list of options backdating lawsuit dismissals, denials and settlements, which can be accessed here.
International Corporate Governance: Over at the Race to the Bottom blog, an excellent blog that I follow regularly, University of Denver Professor J. Robert Brown is running a series of blog posts (beginning here) taking a look at corporate goverance standards and issues in countries other than the United States, drawing on student research. So far, the blog series has featured posts on Norway and Board Diversity (here), and the first part of a two-part post on Corporate Governance and the United Kingdom (here). This series promises to be very informative and we look forward to following its progress.

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