OSG Securities Litigation
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Welcome to the OSG Securities Litigation Settlement Website

This website has been established to provide general information related to the proposed settlement of the Overseas Shipholding Group, Inc. ("OSG") Securities Litigation. The capitalized terms used on this website, and not defined herein, shall have the same meanings as set forth in the Stipulations of Settlement, which can be found and downloaded by clicking on the Case Documents tab above.

This is a securities class action that is pending before the Honorable Shira A. Scheindlin at the United States District Court for the Southern District of New York (the “Court”), and the case is known as  In re OSG Securities Litigation, Civil Action No. 1:12-cv-07948-SAS.

Lead Plaintiffs alleged that there were untrue and misleading statements made in the Registration Statement OSG filed in connection with its sale of $300 million of Senior Notes to the public on March 24, 2010, and false and misleading statements made during the Class Period by defendants Arntzen and Itkin. These alleged statements included specific representations concerning, among other things, the Company’s income taxes; accounting policies; controls and procedures; internal controls over financial reporting; tax benefits purportedly received by the Company; guidance on future tax benefits; how financial statements were prepared in conformity with Generally Accepted Accounting Principles; and guidance on future results. Settling Defendants deny each and all of the claims and contentions of wrongdoing alleged by Lead Plaintiffs in the litigation. Settling Defendants contend that they did not make any materially false or misleading statements, they disclosed all material information required to be disclosed by the federal securities laws and any alleged misstatements or omissions were not made with the requisite intent or knowledge of wrongdoing. Settling Defendants also contend that any losses suffered by members of the Class were not caused by any false or misleading statements by Settling Defendants and/or were caused by intervening events. The Settling Defendants also maintain that they have meritorious defenses to all claims that were raised or could have been raised in the Action.

The Court directed that everyone who fits this description is a Class Member: all Persons who or which purchased or otherwise acquired (a) OSG’s 8.125% Senior Notes Due 2018 (the “Senior Notes”) pursuant and/or traceable to OSG’s March 2010 registration statement and prospectus supplement for the Senior Notes; and/or (b) OSG’s common stock during and inclusive of the period October 29, 2007 through October 19, 2012, except those Persons and entities that are excluded, as described in the Notice.

In exchange for the release of the Released Claims against each of the Settling Defendants as well as dismissal of the Action as against the Settling Defendants, the Settling Defendants have agreed that payments of a 5 total of $16,250,000 will be made by the Settling Defendants (or on their behalf) to be divided, after taxes, fees, and expenses, pro rata among all Class Members who send in a valid Proof of Claim form. This amount is in addition to the minimum of $15,000,000, less fees and expenses, obtained in the Bankruptcy Court Settlement.

The Court appointed the law firms of Robbins Geller Rudman & Dowd LLP and Glancy, Binkow & Goldberg LLP to represent you and other Settlement Class Members. These lawyers are called Plaintiffs’ Settlement Counsel. These lawyers will apply to the Court for payment of attorneys’ fees and expenses from the Settlement Fund; you will not be otherwise charged for their work. If you want to be represented by your own lawyer, you may hire one at your own expense.

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Pendency and Proposed Partial Settlements of Class Action, Motion For Attorneys’ Fees and Settlement Fairness Hearing (the "Notice") and the Stipulations, all of which can be found and downloaded from this website. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A CLAIM FORM The only way to get a payment. Proof of Claim forms must be postmarked or submitted online on or before December 2, 2015.
EXCLUDE YOURSELF Get no payment. This is the only option that allows you to ever be part of any other lawsuit against the Settling Defendants1 or any other Released Persons about the legal claims in this case. Exclusions must be received on or before November 10, 2015.
OBJECT Write to the Court about why you do not like any or all of the partial settlements comprising the Partial Settlements, the Plan of Allocation, and/or the request for attorneys’ fees, costs, and expenses. You will still be a member of the Class. Objections must be received by the Court and counsel on or before November 10, 2015.
GO TO A HEARING Ask to speak in Court about the fairness of the Partial Settlements or any portion thereof. Requests to speak must be received by the Court and counsel on or before November 10, 2015.
DO NOTHING Get no payment. Give up your rights.

DEADLINES AND KEY DATES

Submit Claim: December 02, 2015
Request Exclusion: November 10, 2015
File Objection: November 10, 2015
Court Hearing on Fairness of Settlement: December 01, 2015, 2:30 p.m.