Investors Strike $28M Deal In SemGroup MDL

Law360, New York (May 4, 2011, 2:18 PM EDT) -- An investment advisory firm filed a $28 million settlement Tuesday in Oklahoma that would wrap up nearly three years of a securities multidistrict litigation stemming from a SemGroup LP energy unit's collapse.

If approved by a federal judge, the agreement will bring to a close a consolidated battle that investors launched in 2008 alleging they had purchased shares in SemGroup Energy Partners LP based on materially false statements regarding the health of the unit's parent company.

Lead plaintiff Harvest Fund Advisors LLC said in Tuesday's motion...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.