Nature of the Case
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Facts
Officials at Gulf were found to have made illegal campaign contributions to the presidential candidacy of Richard Nixon and two candidates for Congress. A derivative suit was filed by plaintiffs asking for repayment of those illegal contributions. The plaintiffs sought $18 million for damages, but the parties decided to settle the case and asked the district court for approval. The amount of the settlement was $3.5 million, and the district court approved the settlement. Based on the complexity of the case, Gulf agreed to pay the litigation expenses of the plaintiffs. That decision and the approval of the settlement are challenged here. The vast majority of shareholders approved the settlement.
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