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Lawyers Reach Settlement on Overseas Shipholding Group

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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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OTPP Anticipates Money from Cushman Wakefield IPO

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The Ontario Teachers’ Pension Plan (OTPP) participated with TPG and PAG Asia on the buyout of DTZ a while back. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Tom Gores Wants Some Credit Game

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Traditional buyout firms are looking at building credit platforms to enhance revenue. Recently, Platinum Equity, a buyout firm run by Tom Gores that was formed in 1995, hired Michael Fabiano to help spur the formation of a credit investing division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Saudi Arabian Military Industries Forms Venture with Navantia

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State-owned Saudi Arabian Military Industries (SAMI) signed a deal with Navantia, a Spanish state-owned shipbuilding company, to form a joint venture to construct five warships – the building of five Avante 2200 Corvettes. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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