Coal Company Amends Bylaws, Pays $2.5M To Settle

Law360, New York (November 15, 2005, 12:00 AM EST) -- The country’s fourth largest coal company and its insurer have settled a shareholder lawsuit, agreeing to change several company governance rules and pay a $2.5 million settlement to cover plaintiffs’ legal fees.

West Virginia-based Massey Energy has agreed to streamline the process of amending company bylaws, add directors, and lower the mandatory retirement age for board members.

In addition, the company’s insurance company, Zurich American Insurance Co. agreed to foot the $2.5 million legal bill incurred by the plaintiffs.

Shareholders sued the coal producer and several...
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