Safeco Corporation - Securities Class Action

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Stanford Law School

Safeco Corporation Summary: On June 19, 2008, an Order in regards to early settlement was entered. A stipulation and Order was entered on July 02, 2008 and the case is closed. However, this matter is remanded to the Superior Court of Washington for King County.

According to the complaint, plaintiffs are challenging the sale of Safeco to Liberty Mutual and its wholly owned subsidiary Big Apple Merger Corporation ("Big Apple") in a proposed transaction (the "Sale Agreement") which protects and advances the interests of Safeco's directors and Liberty Mutual at the expense of Safeco's public shareholders and defendants' efforts to conceal material information from plaintiff and Safeco's other public shareholders in conjunction with the same. Specifically, as further alleged below, a majority of Safeco's directors will receive extensive personal compensation as a result of the Sale Agreement- compensation that they would not” otherwise receive at this time absent the Sale Agreement. This conflict of interest caused these directors to be unable to fairly and thoroughly evaluate the Sale Agreement to ensure that they are in the best interest of Safeco and its public shareholders- Additionally, Safeco's directors caused Safeco to file a proxy statement with the SEC on or about May 23, 2008 (and, through the SEC, distribute to Safeco's shareholders over the Internet) which concealed material information from plaintiff and Safeco's other public shareholders.

INDUSTRY CLASSIFICATION:
SIC Code: 6331
Sector: Financial
Industry: Insurance (Prop. & Casualty)

COMPANY/ISSUER NAME:	Safeco Corporation
COMPANY/ISSUER TICKER:	SAF
COMPANY WEBSITE:	http://www.safeco.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Gotham Investors, et al. v. Safeco Corporation, et al.

COURT: W.D. Washington	DOCKET NUMBER: 08-CV-00940
JUDGE NAME: Hon. Brian A Tsuchida
DATE FILED: 06/16/2008	SOURCE:
CLASS PERIOD START: 05/23/2008	CLASS PERIOD END: 06/16/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Law Offices Of Clifford A. Cantor, P.C. 627 208th Ave. SE, Sammamish, WA, 98074 (voice) 425.868.7813, (fax) 425.868.7870, The Brualdi Law Firm (New York) 29 Broadway - Suite 1515, New York, NY, 10006 (voice) 877.495.1187, (fax) 212.952.0608, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint For Breach Of Fiduciary Duty
Type: Complaint		Date on the document: 6/16/2008
Order Regarding Initial Disclosure, Joint Status Report, And Early Settlement
Type: Order		Date on the document: 6/19/2008
Stipulation And Order Remanding To State Court
Type: Order		Date on the document: 7/2/2008
U.S. District Court Civil Docket
Type: Docket		Date on the document: 7/15/2008

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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