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Thursday, January 15, 2015

Freeport-McMoRan in $137.5 million settlement over acquisitions, (NYSE: FCX)

Freeport-McMoRan Inc has reached a $137.5 million settlement of shareholder litigation that accused the natural resources company of overpaying for two affiliates in 2013, lawyers for the shareholders said on Thursday. The accord resolves claims that Freeport significantly overpaid for McMoRan Exploration Co and Plains Exploration & Production Co, in part because the purchases were tainted by conflicts of interest among Freeport directors.Shareholders will receive net settlement proceeds in the form of a special dividend, their lawyers said.A spokesman for Freeport did not immediately respond to requests for comment.

Freeport-McMoRan Inc. is a United States-based natural resources company with a global portfolio of mineral assets, including copper, gold, and molybdenum, in addition to oil and gas resources. Shares of FCX traded higher by 0.75% or $0.1401/share to $18.88. In the past year, the shares have traded as low as $17.85 and as high as $39.32. On average, 15804300 shares of FCX exchange hands on a given day and today's volume is recorded at 5557207.