Coal Company Amends Bylaws, Pays $2.5M To Settle

Law360, New York (November 15, 2005, 12:00 AM EST) -- The country’s fourth largest coal company and its insurer have settled a shareholder lawsuit, agreeing to change several company governance rules and pay a $2.5 million settlement to cover plaintiffs’ legal fees.

West Virginia-based Massey Energy has agreed to streamline the process of amending company bylaws, add directors, and lower the mandatory retirement age for board members.

In addition, the company’s insurance company, Zurich American Insurance Co. agreed to foot the $2.5 million legal bill incurred by the plaintiffs.

Shareholders sued the coal producer and several...
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.