Stone Energy Looks To End Investor Suit For $10.5M

Law360, New York (January 12, 2010, 12:30 PM EST) -- The lead plaintiff in a class action accusing oil and gas firm Stone Energy Corp. of overstating its oil reserves and falsifying financial reports has asked the court to preliminarily approve a $10.5 million settlement.

The City of Knoxville Employees' Pension System, lead plaintiff in the long-running litigation, filed a motion seeking preliminary approval of the settlement and conditional class certification Monday in the U.S. District Court for the Western District of Louisiana.

The $10.5 million settlement, if approved, would resolve all claims against the oil...
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