***IMPORTANT CASE UPDATE***
On April 5, 2024 settlement checks were
mailed to all Authorized Claimants. Please contact the Claims Administrator
with any questions regarding your payment or claim.
The information contained on this web page is only a summary of information presented in more detail in the Notice of Proposed Settlement, Final Approval Hearing, and Motion for Attorneys’ Fees and Reimbursement of Litigation Expenses, (the “Notice”), or the Stipulation and Agreement of Settlement (the “Settlement Agreement”). Since this website is just a summary, you should review the Notice for additional details.
If you are a Settlement Class Member, your legal rights will be affected by this Litigation whether you act or do not act. Please read the Notice carefully.
*** The Court authorized the mailing of the Notice and Claim Form to potential Settlement Class members. Please note the Notice and Claim Form will be mailed to potential Settlement Class members beginning on December 1, 2022.
SETTLEMENT CLASS DEFINITION
All
persons or entities who purchased or otherwise acquired United States Steel
Corporation common stock or options during the period from January 27, 2016
through April 25, 2017, inclusive, and were injured thereby
Excluded from the Settlement Class are: (1) the U. S. Steel Defendants; (2) the Individual Defendants’ immediate family members; (3) any person who was an Officer or director of the Company during the Settlement Class Period; (4) any firm, trust, corporation, or other entity in which a U. S. Steel Defendant has or had a controlling interest; and (5) the legal representatives, affiliates, heirs, successors in interest or assigns of any such excluded person or entity.
| Your Legal Rights and Options |
| You can: | That Means: |
| Submit a Claim Form Postmarked by March 1, 2023
| You can show that you are a Settlement Class Member and can get payment from the Settlement. If the proposed Settlement is finally approved by the Court, you may share in the proceeds if your claim is received, timely, and valid and you meet the other requirements of the Plan of Allocation described on pages 11 to 15 below. This is the only way to get a payment. You will be bound by the Judgment and release described below if you do not exclude yourself from the Settlement Class regardless of whether you submit a claim. |
| Exclude Yourself by Submitting a Written Request for Exclusion Postmarked by February 20, 2023 | You can ask to be excluded from the Settlement Class. If excluded, you will get no payment from the Settlement Fund and will not be part of the Settlement Class and will not be bound by any Judgment. This is the only option that allows you to ever be part of any other separate lawsuit, including your own lawsuit, against any of the U. S. Steel Defendants concerning any of Plaintiffs’ Released Claims. |
| Object by Submitting A Written Objection Postmarked by February 20, 2023 | If you remain part of the Settlement Class but have an objection to the Settlement, or some part of it, or the requested attorneys’ fees or expenses, you can write to the Court to explain why. You cannot object to the Settlement, or some part of it, or the requested attorneys’ fees or expenses unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class. |
| Go to a Hearing on March 20, 2023 at 2:15 p.m. | If you remain part of the Settlement Class, you can write to the Court and ask to speak at the Final Approval Hearing on March 20, 2023 at 2:15 p.m. when the Court considers the fairness of the Settlement and the request for attorneys’ fees, reimbursement of Litigation Expenses of Lead Counsel, and the request for reimbursement of reasonable costs and expenses incurred by Plaintiffs directly related to their representation of the Settlement Class. |
| Do Nothing
| You will get no payment and give up your rights to sue the U. S. Steel Defendants about the claims that are resolved by this Settlement. You will be bound by any judgments or orders entered by the Court in the Action. |
WHAT IS THIS ACTION ABOUT?
In the Action, Plaintiffs allege that the U. S. Steel Defendants unlawfully inflated U. S. Steel’s stock price by misleading investors that U.S. Steel was investing in and implementing a proactive maintenance program (RCM), was achieving sustainable benefits from RCM, and that U. S. Steel had capacity to meet demand when steel market conditions improved. Plaintiffs allege that the misleading nature of the U. S. Steel Defendants’ statements remained hidden until a disclosure on April 25, 2017 revealing, inter alia, that U.S. Steel had not been implementing or achieving sustainable benefits from RCM, that ongoing unplanned outages at U. S. Steel’s flat-rolled plants were more severe than publicly represented, and that U. S. Steel did not have the capacity to meet demand at a time when market conditions for steel were improving. Plaintiffs further allege that the Settlement Class suffered damages when the truth regarding these matters was publicly disclosed.
WHAT DOES THE PROPOSED SETTLEMENT PROVIDE?
The U. S. Steel Defendants have paid $40 million in cash, into an escrow account that will earn interest, as provided for in the Stipulation, for the benefit of the Settlement Class (the “Settlement Fund”). After deduction of Taxes, Notice and Administration Costs, Litigation Expenses awarded by the Court, attorneys’ fees awarded by the Court, and any other costs, expenses, or amounts as may be approved by the Court, the balance (the “Net Settlement Fund”) will be distributed to the Settlement Class Members in accordance with the Plan of Allocation, discussed at pages 11 to 15 in the Notice.
THE SETTLEMENT HEARING
The Court will hold a hearing to decide whether to approve the Settlement. You do not need to attend that hearing but are welcome to attend if you so desire. The Final Approval Hearing will be held at 2:15 p.m. on March 20, 2023 before the Honorable Cathy Bissoon, United States District Court for the Western District of Pennsylvania, either via telephonic or video conference, or in Courtroom 3A, 3rd Floor, Joseph F. Weis, Jr. U.S. Courthouse 700 Grant Street Pittsburgh, PA 15219. THE FINAL APPROVAL HEARING DATE MAY CHANGE WITHOUT FURTHER NOTICE TO THE SETTLEMENT CLASS, SO PLEASE CHECK THE SETTLEMENT WEBSITE OR THE COURT’S PACER SYSTEM TO CONFIRM THE HEARING DATE. At this hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate; whether the proposed plan to distribute the Settlement proceeds (the “Plan of Allocation” described on pages 11 to 15 of the Notice) is reasonable; and whether to approve the application by Lead Counsel for attorneys’ fees and reimbursement of expenses. If there are objections, the Court will consider them. The Court has discretion to listen to people who have made a written request to speak at the hearing. At or after the hearing, the Court will decide whether to approve the Settlement and the attorneys’ fees and reimbursement of expenses request. We do not know how long these decisions will take.
FURTHER INFORMATION
This website and the Notice summarize the Settlement. For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left. You may also contact the Settlement Administrator or Lead Counsel for further information regarding the Settlement:
Claims Administrator:
United States Steel Corporation Securities Litigation
Claims Administrator
c/o A.B. Data, Ltd.
P.O. Box 170500
Milwaukee, WI 53217
(877) 868-2084
info@ussteellitigation.com
Court-appointed Lead Counsel:
Levi & Korsinsky, LLP
Shannon L. Hopkins
Gregory M. Potrepka
1111 Summer Street, Suite 403
Stamford, CT 06905
(203) 992-4523