Archer, Wexford Settle Suit Over $674M Well Servicer Sale
By Kurt Orzeck
Law360, Los Angeles (August 16, 2013, 9:38 PM ET) -- A New York federal judge on Thursday approved the dismissal of Archer Well Co. Inc.'s suit accusing Wexford Capital LP and GW Holdings I LLC of misleading it into buying shoddy pump service companies for $674 million, this after the parties reached a settlement.
U.S. District Judge Jed S. Rakoff dismissed the suit, as well as counterclaims by Wexford subsidiary GW Holdings, after the parties told the judge they struck a deal on Tuesday.
The settlement has yet to be approved by a judge. Its terms...