The settlement includes all persons who or which purchased or otherwise acquired (a) Overseas Shipholding Group Inc’s 8.125% Senior Notes Due 2018 pursuant and/or traceable to Overseas Shipholding Group Inc’s March 2010 registration statement and prospectus supplement for the Senior Notes; and/or (b) Overseas Shipholdung Group Inc’s common stock during and inclusive of the period October 29, 2007 through October 19, 2012.
The settlement amount of $31,250,000 consists of:
- $10,500,000 to be paid by the Individual Defendants;
- $4,000,000 to be paid by the Underwriter Defendants;
- $1,750,000 to be paid by Pricewaterhousecoopers LLP;
- a minimum of $15,000,000 from the settlement of Class Members’ claims in the bankruptcy court, which also includes a contingent right to 15% of the net proceeds of Overseas Shipholding Group Inc’s professional liability action against Proskauer Rose LLP and certain individual defendants.

December 2, 2015 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

August 12, 2015 - The court preliminarily approved the settlement.

August 6, 2015 - Parties filed a stipulation of settlement.

November 28, 2014 - The court denied the lead plaintiff's motion.

October 20, 2014 - The lead plaintiff filed a motion for leave to file a fourth amended complaint.

April 28, 2014 - The court denied the defendants' motion to dismiss.

November 12, 2013 - The defendants filed a motion to dismiss.

October 10, 2013 - The lead plaintiffs filed an amended complaint.

March 23, 2013 - Another motion to dismiss was filed.

April 19, 2013 - Defendants filed motions to dismiss.

March 12, 2013 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased Overseas Shipholding Group Inc (NYSE: OSG) common shares between March 1, 2010 and October 19, 2012 and all purchasers of OSG 8.125% Senior Notes Due 2018 issued pursuant and/or traceable to the public offering conducted on or about March 24, 2010. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between March 1, 2010 and October 19, 2012.

February 1, 2013 - Lead plaintiffs and lead counsel were appointed.

December 26, 2012 - Lead plaintiff motions were filed.

December 12, 2012 - The court granted the voluntary dismissal without prejudice.

December 7, 2012 - The plaintiff of the complaint filed on October 24, 2012 filed a notice of voluntary dismissal without prejudice.

October 25, 2012 - Another investor in shares of Overseas Shipholding Group Inc (NYSE: OSG now trading on the OTC sheets as OSGIQ) filed a lawsuit in the U.S. District Court for the Southern District of New York against Overseas Shipholding Group Inc over alleged securities laws violations in connection certain allegedly false and misleading financial statements made between April 28, 2008 and October 22, 2012.

October 24, 2012 - An investor in shares of Overseas Shipholding Group Inc (NYSE: OSG now trading on the OTC sheets as OSGIQ) filed a lawsuit in the U.S. District Court for the Southern District of New York against Overseas Shipholding Group Inc over alleged securities laws violations in connection certain allegedly false and misleading financial statements made between May 4, 2009 and October 19, 2012.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Overseas Shipholding Group Inc (NYSE: OSG) between May 4, 2009 and October 19, 2012, that Overseas Shipholding Group Inc and certain of its officers and directors violated the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated thereunder.

Specifically, the plaintiff claims that between May 4, 2009 and October 19, 2012 Overseas Shipholding Group Inc made materially false and misleading statements regarding the Company's business, operations and compliance policies.

Overseas Shipholding Group Inc reported that its annual Revenue fell from over $1.7 billion in 2008 to over $1.04 billion in 2011 and its Net Income of $317.67 million in 2008 turned into a Net Loss of $192.92 million in 2011. Shares of Overseas Shipholding Group Inc (NYSE: OSG) declined from as high as $86.83 in 2008 to under $9 per share in early 2012.

On October 3, 2012, Overseas Shipholding Group Inc disclosed the resignation of a Board member due to a disagreement with the Board as to the process the Board is taking in reviewing a tax issue.

Then on October 22, 2012, Overseas Shipholding Group Inc (NYSE: OSG) announced that it is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Company’s loan agreements.

Overseas Shipholding Group Inc said that as a result of that continuing process, on October 19, 2012, the its Audit Committee of the Board of Directors concluded that Overseas Shipholding Group’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon.

Furthermore, Overseas Shipholding Group Inc said that it is evaluating its strategic options, including the potential voluntary filing of a petition for relief to reorganize under Chapter 11 of the Bankruptcy Code.

Overseas Shipholding Group Inc (NYSE: OSG) declined from $3.25 per share on Friday, October 19, 2012, to as low as $1.05 per share on Monday, October 22, 2012, which less than 10% of its 52 week High of $15.16 per shares.

On October 25, 2012, NYSE: OSG shares closed at $1.32 per share.