News Column


February 3, 2014

Item 8.01 Other Events. Weatherford International Ltd. (the "Company") is pleased to announce that, together with certain current and former officers, we have formally resolved a purported securities class action lawsuit previously disclosed in our public filings. The litigation, captioned Dobina v. Weatherford International Ltd. , et al., No. 1:11-cv-01646-LAK (SDNY), related to the Company's announcement on March 1, 2011 of a material weakness in internal controls over financial reporting for income taxes. The settlement is subject to notice to the putative class, approval by the U.S. District Court for the Southern District of New York , and other conditions. Pursuant to the settlement, the Company will pay $52,500,000 , all of which is covered by insurance, in exchange for dismissal with prejudice of the litigation and the unconditional release of all claims, known or unknown, that settlement class members brought or could have brought against the Company and individual defendants related to the facts and allegations in the litigation. As a condition of the settlement, the Company and the other defendants deny any liability or wrongdoing related to the allegations in the litigation. The Company believes the settlement of this litigation is a significant step towards resolving the various issues stemming from its historic financial reporting internal control issues. Other previously disclosed shareholder securities litigation and government investigations related to the material weakness disclosure and financial restatements remain pending. --------------------------------------------------------------------------------

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Edgar Glimpses

Story Tools