Berman Tabacco represented the Florida State Board of Administration as the lead plaintiff in a securities claim arising from an alleged accounting restatement related to antitrust violations. The settlement, which was approved in 2000, provided for a $40 million cash payment and corporate governance changes requiring that UCAR appoint an independent director with antitrust expertise to UCAR’s board to greatly increase board oversight and reduce the likelihood of similar antitrust violations occurring in the future. This is believed to be one of the first, if not the first, securities settlement to incorporate corporate governance changes.
Case Information- Settlement Amount:
$40,000,000 and corporate governance changes
$40,000,000 and corporate governance changes