first_imgSource: BusinessWire – April, 21, 2009 Coughlin Stoia Geller Rudman & Robbins LLP, a leading plaintiffs’ firm based in San Diego, has announced the firm has secured a settlement of $50 million in cash for a class of TD Banknorth, Inc shareholders. Plaintiffs in a related action previously attempted to settle the case for under $3 million, or $.03 per TD Banknorth share. This victory for shareholders provides members of the class with an exponentially greater recovery than the related action was poised to provide before plaintiffs City of Dearborn Heights (MI) Act 345 Police & Fire Retirement System and H. Louis Farmer, Jr. successfully objected to that settlement and took over the case.The $50 million settlement, before fees and expenses, is more than 16 times the amount shareholders would have received under the previously proposed settlement. The Settlement Agreement was filed with the Court late yesterday and the settlement is subject to approval by the Court.”We always believed that TD Banknorth’s shareholders deserved more than mere pennies, and we’re pleased that we were able to obtain substantially more than the originally proposed settlement,” said John J. Riley II, the Treasurer of the City of Dearborn Heights.This class action was filed on behalf of former stockholders of TD Banknorth, arising out of the April 20, 2007 going-private merger in which Toronto-Dominion Bank, TD Banknorth’s majority stockholder, cashed out TD Banknorth’s public stockholders for $32.33 per share. The plaintiffs alleged that defendants breached their fiduciary duties to TD Banknorth’s shareholders because the terms of the going-private merger were unfair and the result of an unfair process.A number of plaintiffs filed complaints in Delaware and attempted to settle the case quickly. At the same time, Farmer filed an action in Maine state court and aggressively litigated the case. After obtaining strong evidence in support of his claims, Farmer, along with Dearborn Heights, took his case to Delaware and successfully objected to the settlement reached by the original Delaware plaintiffs. As the Court later summarized:While Farmer took extensive discovery in the Maine litigation, including nine depositions, the Original Plaintiffs did little to advance the litigation in Delaware, seemingly satisfied with negotiating a very modest settlement. Aware of these negotiations and concerned by what he saw as the Original Plaintiffs’ lack of diligence, Farmer stipulated to stay the Maine litigation and, with the other plaintiff currently seeking certification, the City of Dearborn Heights Act 345 Police & Fire Retirement System (“Retirement System”), filed a motion to intervene in the Delaware litigation. On March 23, 2007, two days after the filing of the motion to intervene, the Original Plaintiffs filed a stipulation of settlement, agreeing to the certification of the class and the appointment of the Original Plaintiffs as class representatives. The terms of the settlement also included certain corrective disclosures, and an increase of $.03 per share in the merger price…. Farmer and Retirement System filed their objection, amply supported by the extensive discovery taken in the Maine action, and, on July 19, this court rejected the settlement….”We firmly believed in the strength of our claims and were forging ahead towards trial prior to reaching a settlement with defendants. We consider this an exceptional result for our clients and the class,” said Coughlin Stoia partner Samuel H. Rudman.For more information, you can review the Settlement Agreement and exhibits thereto on the Coughlin Stoia web site (www.csgrr.com(link is external)) and at www.TDBanknorthShareholdersLitigation.com(link is external).last_img read more

first_imgThe International Transport Workers’ Federation said that its inspections in Australia’s Western Port and Port Kembla exposed a wage theft aboard a BlueScope-chartered foreign-flagged ship.Namely, ITF explained that an inspection of the Panama-registered vessel KEN EI in January, led to $38,384 in coastal wages being paid to the 20 Filipino seafarers crewing the ship.“Upon arriving in Western Port, the crew on the KEN EI immediately asked our inspector about claims for payment for two coastal voyages and requested that the ITF contact the shipowner as they had no correspondence or indication that they would be paid by either the shipowner or charterers BlueScope and Rio Tinto,” Dean Summers, ITF national coordinator, said.“Wage theft is one of the biggest problems in the global shipping industry. In December last year alone, ITF inspectors conducted 761 inspections and recovered almost $2 million in wages stolen from the world’s seafarers,” Summers added.In mid-January, the Maritime Union of Australia (MUA) informed that BHP and BlueScope Steel decided to remove the last two Australian-manned iron ore carriers from the country’s coastal and international trade.The decision, which would end 100 years of Australian shipping, would make nearly 80 Australian seafarers redundant, MUA earlier said.last_img read more

first_imgThe hosting right of the African Senior Championships to Nigeria was announced in Paris, France on 18th August 2017 during the World Championships. It will be staged in Port Harcourt and the Rivers State Government has agreed to sponsor and provide the required support that will give it a success story.Also, the Governor Wike Championship will be done in November and it is wrestling meet that will be used to test facilities, prepare Nigerian wrestlers and serve as qualifiers for the African Championship in February 2018.About 90 wrestlers are expected to represent the country at the championship, comprising 10 weight classes in each of the wrestling styles (Greco-Roman, Female and freestyle) and in each of the categories (cadet, junior and senior).The board of the federation praised Governor Wike for his magnanimity in agreeing to sponsor both events and hopes other states will emulate and support the sport nationwide.The praises were also extended to Nigerian wrestlers for their efforts and achievements at the just concluded World Championships in France.Odunayo Adekuoroye won a silver medal and it is the best result the country has ever achieved at the championships.At the meeting, the board also approved the appointment of ENP Projects Nigeria as the official marketer of the Federation. The duty of the marketers as explained by the federation president is to help source for funds to support the federation in executing its numerous programmes and build the brand.Other resolutions reached at the meeting were the re-appointment of Sir Damien Ohaike as the Technical Director of the Federation and the co-option of Group Capt. Murtala Abdul-Loko, Brig. Gen. U. O Olatoye and Mr. Nnaemeka Magnus Edeh as board members of Nigeria wrestling Federation (NWF).Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The Nigeria Wrestling Federation (NWF) has outlined the forthcoming Commonwealth Wrestling Championship in South Africa, the 2017 Governor Wike Championship slated for November and next year’s African Senior Championships and the Commonwealth Games in Australia as a major focus of the board.At the board meeting in Abuja, the President of the federation, Daniel Igali urged members to be ready for the task ahead which he believes will re-position the sport for growth in the country.last_img read more