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 Securities Litigation: Lead Plaintiff asked Judge Buchwald to seal two confidential settlement agreements; the text shows no ruling.
Lead Plaintiff Utah Retirement Systems, the individual defendants Spyros Gianniotis and Dimitris Melissanidis, and potentially class members whose opt-out rights may be affected by the confidential settlement terms.
What happened
In re Aegean Marine Petroleum Network Inc. Securities Litigation concerns Lead Plaintiff Utah Retirement Systems’ request to file two confidential settlement agreements under seal.
The agreements involve settlements with Spyros Gianniotis and Dimitris Melissanidis. They include confidential terms allowing those defendants to terminate the settlements if class-member opt-outs reach a stated percentage. The defendants did not oppose sealing the agreements for the judge’s private review.
Judge Buchwald’s text is the plaintiff’s letter motion and does not state that the court granted or denied it. No disposition appears in the provided text.
The detailed version
- In re Aegean Marine Petroleum Network Inc. Securities Litigation · No. 1:18-cv-04993
- Naomi Buchwald
- June 1, 2023
Document and request
The provided document is a letter motion from Lead Plaintiff Utah Retirement Systems. It asks the United States District Court for the Southern District of New York for permission to file under seal two confidential supplemental agreements connected to proposed settlements with Spyros Gianniotis and Dimitris Melissanidis.
Reason for sealing
The letter says the agreements provide that, if class members opt out of the settlement so that the number of Aegean securities represented by those opt-outs reaches or exceeds a specified percentage, the individual defendants may terminate the settlements. The letter describes these confidential opt-out provisions as typical in class-action settlements. It also states that the individual defendants did not oppose the request to file the agreements under seal so that the court could review them privately.
Disposition
The provided text does not include an order or other statement showing whether Judge Buchwald granted or denied the sealing request. Accordingly, the text shows a request for relief but no stated court disposition.
Read the full 1-page opinion on CourtListener, the free public archive maintained by the Free Law Project.