Overseas Shipholding Group Inc. investors have reached $16.25 million in settlements with the executives, underwriters and an auditor of the tanker company in a lawsuit related to its 2012 bankruptcy and tax problems, Reuters reported on Friday. Company directors and officers, including former Chief Executive Morten Arntzen and former Chief Financial Officer Myles Itkin, agreed to pay $10.5 million, papers filed in Manhattan federal court on Thursday showed. Underwriters including Citigroup Inc., Deutsche Bank AG and Goldman Sachs Group Inc. will pay $4 million, while accounting firm PricewaterhouseCoopers LLP will pay $1.75 million. OSG shareholders sued the company's officers shortly before it sought chapter 11 in November 2012 as questions about its financial statements shut it out of credit markets. They accused the 21 defendants of making false and misleading statements about OSG's operational status and financial projections. The settlement is on top of an earlier deal in OSG's bankruptcy case for the company to pay investors at least $15 million. OSG emerged from bankruptcy last year, and in May filed for an initial public offering.
