Denbury Resources: Illegal compensation returned to company

This derivative litigation challenged the Denbury Resources, Inc.’s (Denbury) Board’s decision to award excessive compensation to the company’s outgoing President and CEO.

We negotiated a settlement that included both the disgorgement of the ill-gotten compensation and numerous corporate governance improvements. In approving the settlement, the court acknowledged that the litigation was a “hard-fought battle all the way through,” and commented, “I know you guys have very vigorous and able counsel on the other side, and you had to basically try to knock your way through the wall at every stage.”