We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Coal Company Amends Bylaws, Pays $2.5M To Settle

Law360 (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 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.