Robbins Geller Rudman & Dowd LLP Announces Proposed Partial Settlements of Overseas Shipholding Group Securities Litigation

NEW YORK, Sept. 8, 2015 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Overseas Shipholding Group Securities Litigation:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

SUMMARY NOTICE

TO:     ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED OVERSEAS SHIPHOLDING GROUP, INC.'s ("OSG") 8.125% SENIOR NOTES DUE 2018 (THE "SENIOR NOTES") PURSUANT AND/OR TRACEABLE TO OSG'S MARCH 2010 REGISTRATION STATEMENT AND PROSPECTUS SUPPLEMENT FOR THE SENIOR NOTES AND/OR OSG'S COMMON STOCK DURING THE PERIOD OCTOBER 29, 2007 THROUGH OCTOBER 19, 2012, INCLUSIVE

YOU ARE HEREBY NOTIFIED, pursuant to Orders of the United States District Court for the Southern District of New York, that a hearing will be held on December 1, 2015, at 2:30 p.m., before the Honorable Shira A. Scheindlin, United States District Judge, at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, for the purpose of determining: (1) whether the proposed partial settlements (the "Partial Settlements") of the case entitled In re OSG Securities Litigation, Civil Action No. 1:12-cv-07948-SAS (the "Action") for the principal amount of $16,250,000, plus interest (the "Settlement Amount"), should be approved by the Court as fair, reasonable, and adequate; (2) whether final judgments and orders of dismissal with prejudice should be entered by the Court dismissing the Action with prejudice against Alan R. Batkin, Thomas B. Coleman, Charles A. Fribourg, Stanley Komaroff, Solomon N. Merkin, Joel I. Picket, Ariel Recanati, Oudi Recanati, Thomas F. Robards, Jean-Paul Vettier, Michael J. Zimmerman, Morten Arntzen, Myles R. Itkin, Citigroup Global Markets Inc., Deutsche Bank Securities, Inc., DNB Markets, Inc. (f/k/a DnB NOR Markets, Inc.), Goldman, Sachs & Co., HSBC Securities (USA) Inc., ING Financial Markets LLC and Morgan Stanley & Co. LLC (f/k/a Morgan Stanley & Co. Incorporated), and PricewaterhouseCoopers LLP; (3) whether the Plan of Allocation of the Settlement Amount, as well as the Bankruptcy Court Settlement (valued at a minimum of an additional $15,000,000, plus interest), is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees and expenses and reimbursement of up to $10,000 to each of the Lead Plaintiffs for their time and expenses incurred in representing the Class should be approved.¹

IF YOU PURCHASED OR OTHERWISE ACQUIRED THE SENIOR NOTES AND/OR OSG COMMON STOCK BETWEEN OCTOBER 29, 2007 AND OCTOBER 19, 2012, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE PARTIAL SETTLEMENTS OF THIS LITIGATION.  If you have not received a detailed Notice of Pendency and Proposed Partial Settlements of Class Action, Motion for Attorneys' Fees and Settlement Fairness Hearing ("Notice") and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Overseas Shipholding Group Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 8040, San Rafael, CA 94912-8040, or on the internet at www.osgsecuritieslitigation.com.  If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release form by mail or online no later than December 2, 2015, establishing that you are entitled to recovery.  You will be bound by any judgment rendered in the Action unless you request to be excluded, in writing, to the above address, received no later than November 10, 2015.

Any objection to the Partial Settlements or any portion thereof, the Plan of Allocation of the proceeds of the settlements, or the fee and expense application must be received, not simply postmarked, by each of the following recipients no later than November 10, 2015:

CLERK OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
Daniel Patrick Moynihan United States Courthouse
500 Pearl Street
New York, NY 10007

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the Partial Settlements, you may contact Lead Counsel at the address listed above.

¹ Unless otherwise stated, all terms used herein shall have the same meanings as set forth in the Stipulations of Settlement filed with the Court.

SOURCE Robbins Geller Rudman & Dowd LLP