Hercules Battles Investor Suit Over Exec Pay Hikes

Law360, New York (October 11, 2011, 7:36 PM EDT) -- Hercules Offshore Inc. fought back Tuesday in Texas against an investor's lawsuit accusing the offshore drilling and boat services provider's board of trustees of breaching its fiduciary duties by approving hefty pay hikes for top executives in 2010.

In the latest response in the company's dispute with shareholders over executive pay, Hercules said that investor Sean Matthews had misstated the basis on which executives were compensated and incorrectly claimed that a shareholder vote should shape board decisions, contrary to the provisions set in Dodd-Frank.

Allowing shareholders to rebut...
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Case Information

Case Title

Matthews v. Rynd et al


Case Number

4:11-cv-02706

Court

Texas Southern

Nature of Suit

850(Securities/Commodities)

Judge

Judge Lynn N. Hughes

Date Filed

July 21, 2011

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