United Petroleum Securities Litigation
United Petroleum Securities Litigation was a case asserting claims for securities fraud and for breach of contract on behalf of a class of purchasers of United Petroleum Corporation stock, arising out of an alleged complex scheme to evade the requirements of Regulation S of the Securities Act of 1933 and to manipulate the market prices of United Petroleum stock. The case also involved litigation in the bankruptcy court (D. Del.), because of the necessity of objecting to the company’s bankruptcy plan, which objection was successful. The case resulted in a $4 million cash settlement, which constituted a substantial portion of the actual losses claimed by class members.