Overseas Shipholding Group Announces Settlement Reached in Proskauer Rose Lawsuit
James Edelson and
“We are pleased to have reached an agreement to settle this case that we believe is in the best interests of the Company and other stakeholders,” said Captain
Ian T. Blackley, OSG’s president and CEO. “By reaching a final settlement we also eliminate the distractions that come with any litigation allowing us to focus our full attention on adding value to the business.”
The Company has been advised that, in connection with the settlement, Proskauer plans to issue a press release. OSG has not approved the contents of Proskauer’s press release, nor have any of its current or former executives.
The Company will be issuing a subsequent press release to provide additional details to Class B securities holders with regards to settlement distribution information and conversion of Class B common stock to Class A common stock and Class B warrants to Class A warrants.
This release contains forward-looking statements. In addition, the
Company may make or approve certain statements in future filings with