February 11, 2008
Labaton Sucharow LLP Settles Stock Options Backdating Class Action Against HCC Insurance Holdings, Inc. ("HCC") for $10 Million
NEW YORK (February 11, 2008) - Labaton Sucharow LLP, as lead counsel in the securities class action titled In re HCC Insurance Holdings, Inc. Securities Litigation, No. 4:07-cv-801 (S.D. Tex.), announced today that they have reached a settlement agreement in principle on behalf of Lead Plaintiffs, Bristol County Retirement System and Plymouth County Retirement System, and other class members, for $10 million. The settlement is subject to formal documentation and Court approval.
In this litigation, plaintiffs alleged that certain of HCC's current and former officers and directors improperly backdated the Company's stock option grants and made materially false and misleading statements to the public concerning the Company's financial results and option grant policies and accounting, causing damages to investors.
Labaton Sucharow LLP, with offices in New York, New York and Wilmington, Delaware, is one of the country’s premier law firms representing institutional investors in class action and complex securities litigation, as well as consumers and businesses in class actions seeking to recover damages for anticompetitive practices. The Firm has been a champion of investor and consumer rights for over 45 years, seeking recovery of current losses and necessary governance reforms to protect investors and consumers. Labaton Sucharow has been recognized for its excellence by the courts and its peers. More information about Labaton Sucharow is available at www.labaton.com.