Freeport Pays $138M In Derivative Suit, Including Dividend
Law360, New York (January 15, 2015, 4:17 PM EST) -- Freeport McMoRan Copper & Gold Inc.'s board has reached a $137.5 million settlement in a derivative suit over $20 billion worth of energy company acquisitions that shareholders such as the Boston retirement system said were rife with conflicts of interest.
The settlement will take the “unprecedented” step — for a derivative suit — of giving shareholders some cash via a special dividend. It does away with claims in Delaware Chancery Court that the Phoenix-based company's board overpaid to acquire Plains Exploration & Production Co. and McMoRan Exploration Co. in deals the complaint said were driven by the self-interest of certain Freeport...
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