In re Aegean Marine Petroleum Network Inc. Securities Litigation
- Naomi Buchwald
- 1:18-cv-04993
- U.S. District Court · Southern District of New York
- 1
In re Aegean Marine Petroleum Network Inc. Securities Litigation: Judge Buchwald granted permission to file a settlement agreement under seal.
Lead Plaintiff Utan Retirement Systems, Deloitte Greece, and the class-action settlement process, including the confidential opt-out provision.
What happened
In In re Aegean Marine Petroleum Network Inc. Securities Litigation, Lead Plaintiff Utan Retirement Systems asked permission to file a confidential supplemental agreement under seal.
The agreement was between the Lead Plaintiff and Deloitte Certified Public Accountants, S.A., also called Deloitte Greece. It concerned a partial settlement and included a provision allowing Deloitte Greece to end the settlement if enough class members opted out; Deloitte Greece did not oppose sealing the agreement.
Judge Naomi Reice Buchwald granted the application. The order permits the confidential supplemental agreement to be filed under seal for the court’s private review.
The detailed version
- In re Aegean Marine Petroleum Network Inc. Securities Litigation · No. 1:18-cv-04993
- Naomi Buchwald
- Mar. 31, 2022
Background
Lead Plaintiff Utan Retirement Systems filed a letter motion seeking permission to file under seal a Confidential Supplemental Agreement with Deloitte Certified Public Accountants, S.A. (Deloitte Greece). The agreement was connected to paragraph 13.1 of the parties’ March 24, 2022, stipulation and agreement of partial settlement.
Requested Filing
The agreement provided that if class members opted out of the partial settlement in numbers meeting or exceeding a specified percentage of Aegean securities, Deloitte Greece could terminate the settlement. The motion stated that agreements of this type are typical in class-action settlements and that Deloitte Greece did not oppose filing the agreement under seal for the court’s private review.
Ruling
Judge Naomi Reice Buchwald granted the application. The order therefore permitted the Confidential Supplemental Agreement to be filed under seal. The opinion does not provide additional reasoning for the ruling.
Read the full 1-page opinion on CourtListener, the free public archive maintained by the Free Law Project.