ProAssurance Securities Settlement
HomeCase DocumentsContact UsFrequently Asked QuestionsFile Claim

Welcome to the ProAssurance Securities Settlement Website

UPDATE: The Final Approval Hearing previously set for 10:00 A.M. on January 17, 2024 is hereby RE-SET for January 17, 2024 at 12:00 noon.

This website has been established to provide general information related to the proposed settlement of the case known as Sheet Metal Workers Local 19 Pension Fund v. ProAssurance Corporation, et al., Case No. 2:20-cv-00856, pending before the United States District Court for the Northern District of Alabama, Southern Division (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated June 22, 2023, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected if you purchased or acquired the common stock of ProAssurance Corporation (“ProAssurance”) from August 8, 2018 through May 7, 2020, inclusive (the “Class Period”).

The law firms of Robbins Geller Rudman & Dowd LLP and Saxena White P.A. represent the Settlement Class Members. These lawyers are called Lead Counsel. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

As more fully described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), Lead Plaintiffs filed a Consolidated Class Action Complaint for Violations of the Federal Securities Laws (the “Consolidated Complaint”). The Consolidated Complaint alleges that during the Class Period Defendants materially misled investors by concealing ProAssurance’s deviation from its purportedly conservative practices in connection with an undisclosed insurance policy issued to a large national account and the amount of loss reserves ProAssurance maintained for the large national account. Lead Plaintiffs allege that, as a result of Defendants’ purported misrepresentations and/or omissions, the price of ProAssurance’s common stock was artificially inflated during the Class Period.

In the course of the Action, the Settling Parties engaged the services of David Murphy of Phillips ADR Enterprises, an experienced mediator, in good faith efforts to resolve the case. The Settling Parties engaged in settlement discussions on multiple occasions and ultimately an agreement was reached to settle the Litigation in return for a cash payment of $28 million for the benefit of the Settlement Class.

WHAT DOES THE SETTLEMENT PROVIDE?

The Settlement provides that, in exchange for the release of the Released Plaintiffs’ Claims (as defined in the Notice) and dismissal of the Litigation with prejudice, ProAssurance will pay or cause to be paid $28,000,000 in cash to be distributed after Taxes, Tax Expenses, Notice and Administration Expenses, and any Court-approved attorneys’ fees and expenses, pro rata, to Settlement Class Members who send in a valid Proof of Claim form pursuant to the Court-approved Plan of Allocation. The Plan of Allocation is described in more detail at the end of the Notice.

ADDITIONAL INFORMATION

Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully. You may also wish to read the answers to Frequently Asked Questions provided on this website.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM FORM The only way to be eligible to receive a payment from the Settlement. Proof of Claim forms must be postmarked or submitted online on or before November 30, 2023.
EXCLUDE YOURSELF Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Defendant Parties (as defined in the Notice) about the legal claims being resolved by this Settlement. Should you elect to exclude yourself from the Settlement Class you should understand that Defendants and the other Released Defendant Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose. Exclusions must be postmarked on or before December 22, 2023.
OBJECT Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and expenses. You will still be a Member of the Settlement Class. Objections must be received by the Court and counsel on or before December 22, 2023. If you submit a written objection, you may (but do not have to) attend the hearing.
GO TO THE HEARING ON JANUARY 17, 2024 Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel on or before December 22, 2023.
DO NOTHING Receive no payment. You will, however, still be a Member of the Settlement Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Defendant Party about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Litigation.

IMPORTANT DATES AND DEADLINES

Submit Proof of Claim: November 30, 2023
Request Exclusion: December 22, 2023
Submit Objection: December 22, 2023
File Notice of Intention to Appear: December 22, 2023
Settlement Hearing: January 17, 2024 at 10:00 a.m. EST
-*-