According to the docket dated January 9, 2001, on October 14, 1999, a Stipulation and Agreement of Settlement was filed by the defendants in the complaint. On January 19, 2000, U.S. District Judge Janet B. Arterton closed the case and, later approved the distribution of the net settlement proceeds to the class members. In Form 10-Q For The Quarterly Period Ended March 31, 2000, UCAR International, Inc. announced a total of $40.5 million was contributed to escrow accounts for the benefit of former and current stockholders who were members of the class of plaintiffs. UCAR contributed $11.0 million and the insurers contributed the remaining balance of $29.5 million.
According to a Press Release dated April 9, 1998, the class action complaint, filed on behalf of shareholders who purchased UCAR stock, charges UCAR and certain individuals with violating federal securities laws by concealing the company's participation in an illegal price-fixing scheme, thereby causing the price of the company's common stock to be artificially inflated during the Class Period. UCAR pled guilty to price fixing.