Thomas E. L. Dewey Proposed Settlement of Securities Class Action Concerning Alleged Bribery Scheme Approved as 'Fair and Reasonable'
In 'In re Tenaris S.A. Securities Litigation', Judge Kiyo Matsumoto found that the proposed settlement satisfied both procedural and substantive fairness. As to procedural fairness, the court found that the settlement resulted from arm's-length negotiations enhanced by substantial discovery and that lead plaintiffs and lead counsel had adequately represented the settlement class because they had engaged in "vigorous advocacy" on its behalf.
July 03, 2024 at 10:09 AM
11 minute read
After information implicating Tenaris S.A. (Tenaris) executives in an alleged scheme to bribe Argentinian government officials was disclosed in 2018, Tenaris's stock price dropped. Later that year, plaintiff Charles Atanasio filed a securities class action in the U.S. District Court for the Eastern District of New York against Tenaris and other defendants. That action was later consolidated with another class action concerning nearly identical claims.
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