Summary
Cheniere Energy, Inc. (LNG) has filed an 8-K report on March 19, 2015, to disclose the resolution of a consolidated stockholder litigation. The Court of Chancery of the State of Delaware has approved the settlement of the action, which was previously described in the Company's 2014 Form 10-K filing. This marks a significant step in resolving past legal disputes for the company, bringing closure to a protracted legal matter that could have had financial and operational implications.
Key Highlights
- 1Court approval obtained for the settlement of consolidated stockholder litigation.
- 2The settlement resolves the action captioned 'In re Cheniere Energy, Inc. Stockholders Litigation'.
- 3The company will pay $5.5 million in legal fees to plaintiffs' counsel as part of the settlement.
- 4This approval brings closure to a significant legal matter previously disclosed in the Company's 2014 10-K.
- 5The settlement terms were based on a Stipulation and Agreement of Compromise, Settlement and Release dated December 12, 2014.
- 6Payment of legal fees will be borne by Cheniere Energy, its successors, and/or its insurers.