The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency of Stockholder Class Action And Proposed Settlement, Settlement Hearing, And Right To Appear, which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional details.
Co-lead plaintiffs in the Action, Public Employees’ Retirement System of Mississippi and Police & Fire Retirement System of the City of Detroit (“Plaintiffs”), on behalf of themselves and the Class (defined below), and settling defendants Robert C. Skaggs, Jr. and Stephen P. Smith (the “Settling Defendants”), have reached a settlement in the Action for $79,000,000 in cash (the “Settlement”).
On June 1, 2022, the Court held a hearing to consider final approval of the Settlement and related matters. Following the hearing, the Court entered an Order and Final Judgment approving the Settlement and awarding attorney's fees and litigation expenses.
The Settlement resolves all claims in the Action as against the Settling Defendants. The Settlement does not settle or release any of the claims asserted, or that could have been asserted, against the remaining defendant in the Action, TC Energy Corp. (together with its parents, affiliates, subsidiaries, officers (except for the Settling Defendants), directors, predecessors, successors, and assigns, “TCE” or the “Non-Settling Defendant”) (TCE and the Settling Defendants together, “Defendants”). Plaintiffs continue to prosecute their claims against the Non-Settling Defendant.
If you are a member of the Class, your rights will be affected, and you may be eligible for a payment from the Settlement. The Class consists of:
All public stockholders of Columbia Pipeline Group, Inc. at any time from July 6, 2015 through and including July 1, 2016, including any and all of their respective successors-in-interest, successors, predecessors-in-interest, predecessors, assigns, and transferees, excluding certain persons and entities who are excluded from the Class by definition as set forth in the Notice (see paragraph 21 of the Notice).
PLEASE NOTE: The Class is a non-“opt-out” class pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1), and 23(b)(2). Accordingly, Class Members do not have the right to exclude themselves from the Class.
Eligible Class Members do not need to submit a claim form in order to receive a distribution from the Settlement. If you are eligible to receive a distribution from the Settlement, your distribution will be paid to you directly.
Please be patient, as it will take some time to conduct the Settlement distribution.