In re OSG Securities Litigation

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Case overview

Case Number:

1:12-cv-07948

Court:

New York Southern

Nature of Suit:

Securities/Commodities

Multi Party Litigation:

Class Action

Judge:

Shira A. Scheindlin

Firms

Companies

Sectors & Industries:

August 13, 2015
OSG Investors Land $16M Deal In Tax Liability Fight

A New York federal judge on Wednesday gave preliminary approval to a proposed $16.25 million settlement between Overseas Shipholding Group Inc. investors and several accounting, financial industry and executive-suite defendants over allegations they failed to disclose tax liabilities tied to the formerly bankrupt tanker company.
August 07, 2015
OSG Investors Pitch $16M Settlement In Securities Action

Stichting Pensioenfonds DSM Nederland and other Overseas Shipholding Group Inc. investors, who accuse a slew of accounting, financial industry and executive-suite defendants of failing to disclose tax liabilities tied to the formerly bankrupt tanker company, pitched a partial class action settlement to a Manhattan federal judge on Thursday.
June 01, 2015
Ernst & Young Gets Suit Over Alleged Tax Error Dismissed

A New York federal judge on Friday dismissed a suit against Ernst & Young LLP brought by investors in a tanker company who alleged the accounting firm had failed to identify the company's federal income tax liabilities, saying they could not prove a link between Ernst & Young's work and the company's losses.
April 30, 2015
E&Y Can't Evade Blame In OSG Tax Error Suit, Plaintiffs Say

Plaintiffs in a stock-drop class action accusing Overseas Shipholding Group Inc. of concealing federal income tax liabilities told a New York federal judge Wednesday that Ernst & Young LLP can't claim its allegedly inaccurate audit reports were irrelevant to their losses.
April 20, 2015
Ernst & Young Seeks Exit From Suit Over OSG's Tax Errors

Ernst & Young LLP asked a New York federal judge Friday to dismiss claims brought by investors in an oil tanker company concerning losses allegedly caused by the concealment of federal income tax liabilities, saying there is no evidence it audited the company's books for the relevant years.
March 19, 2015
Ernst & Young Denies Hand In Tanker Co. OSG's Tax Errors

Ernst & Young LLP on Wednesday told a New York federal court it was not involved in auditing the books of tanker company Overseas Shipholding Group Inc. for the years that investors claim the company concealed hundreds of millions of dollars in undisclosed federal income taxes.
February 26, 2015
OSG Investors Agree To Settle Suit Over $435M Tax Debt

A group of Overseas Shipholding Group investors have agreed to settle a class action lawsuit against company executives and others for allegedly hiding the $435 million tax debt that drove the tanker company to bankruptcy, according to letter filed Wednesday in New York federal court by investors' counsel.
November 14, 2013
Ex-OSG Execs Again Urge Judge To Ax Investor Claims

Two former executives of Overseas Shipholding Group Inc. on Tuesday urged a New York federal judge to throw out, for good, an investor class action accusing them of hiding the company's $35 million tax debt that ultimately drove it into bankruptcy.
September 11, 2013
CORRECTED: OSG Execs Dodge Claims They Hid $35M Tax Debt

A New York federal judge on Tuesday tossed Securities Exchange Act fraud claims against two executives of Overseas Shipholding Group Inc. who were accused of concealing the tanker company's $35 million tax debt that sent shares plummeting and plunged the company into bankruptcy. Correction: An earlier story reported that Judge Scheindlin dismissed all claims against OSG executives Arntzen and Itkin. The error has been corrected.