October 19, 2023. The Court in the Aegean Marine Petroleum Network securities matter (Southern District of New York) approved a $11.9 million settlement between Aegean shareholders and individual defendants. Previously, PWC Greece and Deloitte Greece agreed to pay $14.9 million each to settle with Aegean shareholders. Plaintiffs alleged that the individual defendants had taken part in a $300 million “massive fraudulent scheme,” while the auditor defendants had failed to catch that scheme. Plaintiffs retained Professor Steven Feinstein of Babson College and Crowninshield Financial Research to provide an expert report on market efficiency, and consult on the quantification of shareholder damages and the plan of allocation.
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