When International Coal Group Inc (ICO.N) announced plans this month to sell itself, investor lawsuits challenging the deal were quickly filed in state courts in Delaware and West Virginia as well as in federal court. If corporate America has its way, such lawsuits could get reined in significantly. Companies including Berkshire Hathaway Inc (BRKa.N) (BRKb.N) and newly public social networking site LinkedIn Corp (LNKD.N) already have adopted rules to force deal challenges into one court, with many pushing for Delaware as the sole venue. The business community has an unlikely ally in its fight to rein in the litigation: some top plaintiffs' lawyers who also think the lawsuits are getting out of hand. However, not everyone agrees on the best solution, and in one of the first shareholder votes on an "exclusive forum" proposal to govern where lawsuits can be brought, stockholders at Allstate Corp (ALL.N) this week shot it down.
Shares of ICO remained unchanged at $14.51. In the past year, the shares have traded as low as $3.59 and as high as $14.52. On average, 12922000 shares of ICO exchange hands on a given day and today's volume is recorded at 675230.
Shares of ALL fell by 0.15% or $-0.05/share to $32.4. In the past year, the shares have traded as low as $26.86 and as high as $34.40. On average, 4315110 shares of ALL exchange hands on a given day and today's volume is recorded at 294214.
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