Superior Offshore Strikes $2M Deal In Suit Over IPO

Law360, New York (April 12, 2011, 7:01 PM EDT) -- Underwriters for now-defunct Superior Offshore International Inc. on Tuesday struck a $1.9 million settlement with a class of plaintiffs who accused it in Texas federal court of making false statements ahead of a $152 million public offering.

In a motion filed Tuesday the plaintiffs asked the U.S. District Court for the Southern District of Texas to sign off on the settlement, which they reached with underwriter defendants Merrill Lynch Pierce Fenner & Smith PC and J.P. Morgan Securities Inc. and former executives of the bankrupt company....
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