The parties in several shareholder derivative suits filed over a Phoenix company’s $19 billion acquisition of two copper and gold mining operations have jointly settled for $137.5 million, according to a settlement agreement signed by the parties.
The settlement in In re Freeport-McMoRan Copper & Gold Derivative Litigation includes a $115 million payment from the D&O carriers for the individual Freeport board member defendants plus another $22.5 million to be funded by Freeport. The Freeport board is expected to declare a special dividend for the combined sum of $137.5 million less whatever attorney fees and costs the Delaware Court of Chancery judge overseeing the matter awards, according to the agreement.
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