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Lloyds General Corporate Litigation Reporter

Largest Settled Corporate Litigation Claims

Royal Dutch Shell plc, Bristol-Myers Squibb Co., International Paper Co. are the top three companies which made and reserved the largest suit settlement amounts reported for the Corporate Litigation Reporter publication period Jan. 1 to July 24, 2007.

Company Remarks
Royal Dutch Shell plc
US$1.2 billion
Published May 17, 2007
Royal Dutch Shell plc said, that as of Dec. 31, 2006, it recorded nine additional Nicaraguan judgments entered for lawsuits on dibromochloropropane (DBCP) exposure, in which the judgments were entered in the collective amount of about US$1.2 billion in favor of 1,737 plaintiffs jointly against Shell Chemical Co. and three other named defendants.
Bristol-Myers Squibb Co.
US$499 million
Published March 28, 2007
Bristol-Myers reserves US$499M in accordance to an agreement in principle entered into with the U.S. Department of Justice and the Office of the U.S. Attorney for the District of Massachusetts, subject to the approval of the DOJ, to settle several investigations on the Company's drug pricing, and sales and marketing activities.
International Paper Co.
US$384 million
Published May 2, 2007
International Paper Co., at Dec. 31, 2006, received a total of US$384 million cumulative net cash settlements, including collections received prior to 2003, in resolution of its hardboard-related suit filed against insurance carriers.
DaimlerChrysler AG
US$280 million
Published April 11, 2007
DaimlerChrysler AG's subsidiary, DaimlerChrysler North America Holding Corp., is liable to pay a US$280 million award in punitive damages to MAN AG, after a jury trial in Multnomah County Circuit Court, Oregon in December 2006.
Time Warner Inc.
US$260 million
Published March 28, 2007
Time Warner, in February 2007, reached an agreement with the University of California to settle fraud suits related to the AOL-Historic TW Merger for US$260 million.
Energy Company of Parana
US$190 million
Published July 26, 2007
Energy Company of Parana, as a result of a settlement with Araucaria, now owns 80% of Araucaria’s capital stock and Petroleo Brasileiro S.A. owns the remaining 20% and all legal proceedings that were initiated by the Company or by Araucaria have been terminated.

On May 30, 2006, the Company entered into an agreement with Araucaria to settle the outstanding legal disputes between the parties.

Under the settlement agreement, the Company agreed to acquire all of the interests held by El Paso Empreendimentos e Participacoes Ltda. in UEG Araucaria Ltda. for US$190 million.
San Diego Gas & Electric Co.
US$159 million
Published June 18, 2007
Sempra Energy’s utility, San Diego Gas & Electric Co., has been awarded US$159 million through April 30, 2007, in settlement of certain claims against electricity suppliers related to the 2000 to 2001 California energy crisis.
Time Warner Inc.
US$144 million
Published March 28, 2007
Time Warner, in March 2007, settled for US$144 million the suits alleging misrepresentations in registration statements related to the AOL-Historic TW Merger and stock option plans in violation of Sections 11 and 12 of the Securities Act of 1933 filed in Ohio, according to the Pensions&Investments news.
Nexen Inc.
US$135 million
Published April 4, 2007
Nexen, in late 2006, agreed to settle the arbitration alleging breach Area of Mutual Interest agreement commenced by Occidental Petroleum Corp.'s subsidiary for US$135 million.
Bearingpoint Inc.
US$52 million
ublished July 16, 2007
Bearingpoint Inc., on Feb. 8, 2007, entered into a Settlement Agreement and Transition Agreement with Hawaiian Telcom Communications, Inc., a telecommunications industry client, under which the Company was engaged to design, build and operate various information technology systems.

The Settlement Agreement signed by the parties is intended to resolve certain disputes between the Company and Hawaiian Telecom. The Transition Agreement executed by the parties will govern the Company’s future business relationship with Hawaiian Telecom.

Under the Settlement Agreement, the Company has agreed to pay US$52 million to Hawaiian Telecom, of which US$38 million was paid by certain of its insurers. The Settlement also provides that the Company waives about US$29.6 million of invoices and other amounts otherwise payable by Hawaiian Telecom to the Company. The Settlement Agreement further provides that neither party admits to any fault regarding the matters in dispute.
Time Warner Inc.
Published March 28, 2007
Time Warner, in December 2006, reached an agreement with Alaska State Department of Revenue to settle suits alleging fraud related to the AOL-Historic TW Merger for US$50 million.
C.R. Bard Inc.
US$49 million
Published April 5, 2007
C.R. Bard Inc., in the fourth quarter of 2006, settled the damages suit filed by Rochester Medical Corp. Inc. in the U.S. District Court, Eastern District of Texas, entitled “Rochester Medical Corp. Inc. v. C. R. Bard, Inc., et al.” for US$49 million.
Exelon Corp.
US$43 million
Published June 6, 2007
Exelon Corp. received US$43 million in full, including interest, from PJM and PPL Electric in April 2007, under the Federal Energy Regulatory Commission’s approved settlement of a billing dispute between the parties.

Approximately US$32 million of the settlement amount will be received by Exelon Generation Co., LLC, and US$11 million will be received by PECO Energy Co., recorded as a reduction to purchased power expense and interest income.
Bearingpoint Inc.
US$36.9 million
Published Jan. 25, 2007
Bearingpoint made settlement payment of about US$36.9 million in September 2006 for the Allocco v. Gardner, Ariko v. Moores, Bains v. Moores and the Peregrine Litigation Trust civil lawsuits.
The First American Corp.
US$35 million
Published June 20, 2007
The trial court, on Feb. 14, 2007, set aside the US$35 million punitive damages awarded against The First American Corp.’s subsidiary in the case entitled Security Title v. Linda Lorene Pope, et al.

On June 15, 2006, the jury awarded damages in the amount of US$41.3 million against the Company’s subsidiary.

This matter involved a breach of fiduciary duty claim against Ms. Pope and an aiding and abetting claim against the Company’s subsidiary. The judgment comprised a compensatory award of US$6.3 million and a punitive damage award of US$35 million.
PPL Electric Utilities Corp.
US$33 million
Published March 9, 2007
PPL Electric Utilities Corp. is liable to pay US$33 million to Exelon Corp. according to a third settlement agreement, subject to approval by the Federal Energy Regulatory Commission, to clear the billing dispute commenced by Exelon Corp.
The Williams Cos. Inc.
US$30 million
Published April 20, 2007
The Williams Cos. Inc., in February 2007, paid the U.S. Treasury the remaining US$30 million penalty in connection with its settlement of the Dept. of Justice’s gas and power trading investigation.

The agreement obligated the Company to pay a total of US$50 million, of which US$20 million was paid in March 2006.
Waste Management Inc.
Published March 15, 2007
Waste Management, in the fourth quarter of 2006, was ordered to pay about US$29 million to settle the claim filed by the purchaser of the Company's interest in a joint in Mexico in 2000.

Information presented herein details the biggest monetary demands as reported in the Lloyd's Corporate Litigation Reporter. To get the news when it happens, as it happens, subscribe to Lloyd's Corporate Litigation Reporter here.