Helix Energy Execs Sued Over 2010 Executive Pay

Law360, New York (May 8, 2012, 7:02 PM EDT) -- The executives at Houston-based offshore energy firm Helix Energy Solutions Group Inc. became the latest target in a slew of failed "say-on-pay" lawsuits when it was hit with a suit Friday by disgruntled shareholders over increased compensation awards in 2010 despite the firm's net $127 million loss that year.

In a petition filed in Texas state court, Helix investor Mark Lucas railed against 2010 awards including stock option grants that were up to 150 percent higher than in 2009, claiming that such increases were inconsistent with...
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