FCPA Shareholder Suit Against Baker Hughes Nixed

Law360, New York (May 28, 2009, 12:00 AM EDT) -- A judge has upheld a magistrate's recommendation to dismiss a derivative lawsuit against officers and directors of Baker Hughes Inc. over a $44 million settlement of Foreign Corrupt Practices Act allegations because the shareholders failed to approach the oil field service company's board before suing.

On Tuesday, Judge Vanessa Gilmore of the U.S. District Court for the Southern District of Texas dismissed the shareholder FCPA suit, per the magistrate's recommendation.

U.S. Magistrate Judge Mary Milloy had recommended on May 7 that Judge Gilmore grant the defendants'...
To view the full article, register now.