Lawyers Reach Settlement on Overseas Shipholding Group
New York-based Overseas Shipholding Group, Inc. got hit with a US$ 31 million settlement on behalf of class members participating in a class action against the company. The lawsuit circles around Overseas Shipholding Group (OSG) executives misleading class members regarding the company’s tax liability. United States District Court Judge Shira A. Scheindlin granted approval of the settlement. Overseas Shipholding Group is a tanker company providing energy transportation services for crude oil and petroleum products. The company went through tough times, filing for Chapter 11 bankruptcy in the summer of 2014.
Purchasers of OSG 8.125% senior notes due 2018 issued or traceable to OSG’s US$ 300 million public offering on March 24, 2010 recovered 87% of the damages in the securities class action. Leading the charge on behalf of the class members was law firm Robbins Geller Rudman & Dowd LLP.
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