Cliffs Natural Resources defends multiple securities, derivative, and ERISA lawsuits
Clients Cliffs Natural Resources Inc.
Jones Day represented Cliffs Natural Resources, Inc. and various current and former officers and directors in a collection of securities (settled), derivative (settled), and ERISA (dismissed; affirmed on appeal) cases in state and federal court. The cases allege that the defendants made misrepresentations or breached fiduciary duties in relation to a major mine development project in Northern Quebec; when the project encountered delays and cost overruns, Cliffs cut its dividend and experienced a stock price decline, which resulted in the filing of extensive litigation, including a securities class-action on behalf of open-market purchasers of Cliffs stock, a 1933 Act lawsuit on behalf of purchasers of preferred stock in an initial offering, an ERISA lawsuit on behalf of employees who held Cliffs stock in their 401(k) accounts, and derivative lawsuits by shareholders alleging claims for breach of fiduciary duty against members of Cliffs board of directors.
Department of Treasury of the State of New Jersey v. Cliffs Natural Resources, Inc., et al., No. 14-CV-1031 (N.D. Ohio); Saumer v. Cliffs Natural Resources, Inc., No. 15-CV-954 (N.D. Ohio); Rosenberg v. Cliffs Natural Resources, Inc., et al., No. CV-14-828140 (Cuyahoga Cty., Ohio, Common Pleas Ct.); Black v. Carrabba et al., No. CV-14-827803 (Cuyahoga Cty., Ohio, Common Pleas Ct.); Asmussen v. Carrabba et al., No. CV-14-829259 (Cuyahoga Cty., Ohio, Common Pleas Ct.); Williams v. Carrabba, et al., No. CV-14-829499 (Cuyahoga Cty., Ohio, Common Pleas Ct.)