Case Page

 

Case Status:    DISMISSED    
On or around 07/02/2008 (Date of stipulation and/or agreement of settlement)

Filing Date: June 16, 2008

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.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Prop. & Casualty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SAF
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. Washington
DOCKET #: 08-CV-00940
JUDGE: Hon. Brian A Tsuchida
DATE FILED: 06/16/2008
CLASS PERIOD START: 05/23/2008
CLASS PERIOD END: 06/16/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices Of Clifford A. Cantor, P.C.
    627 208th Ave. SE, Law Offices Of Clifford A. Cantor, P.C., WA 98074
    425.868.7813 425.868.7870 ·
  2. The Brualdi Law Firm (New York)
    29 Broadway - Suite 1515, The Brualdi Law Firm (New York), NY 10006
    877.495.1187 212.952.0608 ·
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