ICG, Arch Coal Settle Investor Suit Over $3.4B Merger

Law360, Wilmington (June 20, 2011, 7:14 PM EDT) -- Shareholders of International Coal Group Inc. agreed on Thursday to end their class action in West Virginia challenging Arch Coal Inc.’s $3.4 billion acquisition of the company after winning additional disclosures and minor changes to the terms of the deal.

Shareholders Stephen M. Giles and Mayer Friedman agreed to dismiss their breach of fiduciary duty claims against ICG’s board — which alleged that Arch Coal’s $14.60 per share offer shortchanged investors and resulted from an unfair process — joining shareholders in Delaware and West Virginia state...
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