Suits Over Mining Companies' Merger Settle for $137.5M
The parties in several shareholder derivative suits filed over a Phoenix company's $19 billion acquisition of two copper and gold mining operations have jointly settled for $137.5 million, according to a settlement agreement signed by the parties.
January 15, 2015 at 08:06 AM
2 minute read
The parties in several shareholder derivative suits filed over a Phoenix company's $19 billion acquisition of two copper and gold mining operations have jointly settled for $137.5 million, according to a settlement agreement signed by the parties.
The settlement in In re Freeport-McMoRan Copper & Gold Derivative Litigation includes a $115 million payment from the D&O carriers for the individual Freeport board member defendants plus another $22.5 million to be funded by Freeport. The Freeport board is expected to declare a special dividend for the combined sum of $137.5 million less whatever attorney fees and costs the Delaware Court of Chancery judge overseeing the matter awards, according to the agreement.
The settlement also requires the Freeport board to approve certain corporate governance enhancements that must be kept in place for at least three years. The entire settlement now requires court approval.
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