In re HCC Insurance Holdings, Inc. Securities Litigation
A $10 million settlement was approved in this stock options backdating litigation.
On July 17, 2008, the Honorable Sim Lake of the United States District Court for the District of Texas, Houston Division, issued final approval of the $10 million settlement in the putative securities fraud class action, In re HCC Insurance Holdings, Inc. Securities Litigation, Civ. No. 07-801. The Settlement has been distributed to Authorized Claimants.
Labaton Sucharow is the Court-appointed lead counsel for lead plaintiffs Bristol County Retirement System and Plymouth County Retirement System. Defendants include HCC Insurance Holdings, Inc. ("HCC" or the "Company") and certain of the Company's officers and directors. Lead plaintiffs alleged that Defendants engaged in a long-running scheme to improperly backdate HCC's stock option grants to days on which the Company's stock price had reached its lowest price in weeks, if not months.
Please see the links to the right for copies of the: Preliminary Approval Order; Notice of Pendency and Proof of Claim and Release form; and Stipulation of Settlement.
February 11, 2008
Labaton Sucharow Settles Stock Options Backdating Class Action Against HCC Insurance Holdings, Inc. ("HCC") for $10 Million