On December 6, 2010, Cravath client Huron Consulting Group Inc. announced that it has entered into an agreement in principle with the lead plaintiff in the pending securities class action lawsuit related to the restatement of the Company’s financial statements in July 2009. The agreement provides that the settlement class in the U.S. District Court for the Northern District of Illinois will receive total consideration of approximately $38 million, consisting of $27 million in cash, which will be funded by the Company’s insurance carriers, and 474,547 shares of common stock (valued at approximately $11 million) issued by the Company. The proposed settlement is subject to the completion of final documentation and court approval, which is expected to occur in the first half of 2011.
Partners Rachel G. Skaistis and Richard W. Clary, senior attorney Lillian S. Grossbard and associates Radu A. Lelutiu, J. Wes Earnhardt, William B. Brady, Derek J. Tang, Robert L. Boone and Veena Viswanatha represented Huron in the litigation. Corporate partners Susan Webster and Paul H. Zumbro assisted with the settlement.