Massey Energy Co. Agrees to Noteworthy Corporate Governance Improvements in Environmental Compliance and Worker Safety

In the settlement with the Manville Trust, which resolves personal injury claims resulting from exposure to the asbestos-related products of the Johns-Manville Corporation and its affiliated entities, Massey Energy Co. agreed to significant structural changes and initiatives to improve and advance the company's environmental and worker-safety practices. The reforms provided by the settlement include the creation of new corporate vice presidents for Best Environmental Practices and Best Safety Practices, the implementation of an annual "Corporate Social Responsibility Report" to shareholders, and additional measures to improve monitoring and compliance. Originally proposed in May, the settlement was approved by Kanawha County Circuit Court Judge Irene Berger on June 25, 2008.

The Manville Trust filed the case in July 2007 against company Chairman, CEO, and President Don Blankenship and certain other current and former officers and directors. The plaintiff sought several corporate governance reforms, specifically regarding environmental compliance and worker safety. Citing several incidents involving Massey Energy, including a major federal water pollution lawsuit, penalties for two coal miners' tragic deaths and other safety and environmental compliance problems, the lawsuit claimed that a "conscious failure" by the defendants to ensure compliance with federal and state regulations and other legal obligations posed a "substantial threat of monetary liability for violations."

"The reforms outlined in the settlement will help ensure that the company's practices conform to applicable legal requirements and also will promote a safe working environment for Massey Energy employees," said Ann Ritter, Motley Rice LLC member who played a significant role in negotiating the settlement. "Moreover, there is a large body of empirical evidence establishing that the quality of a company's governance practices correlates positively with increased shareholder value," Ritter added.

Motley Rice LLC, Andrew MacQueen of Charleston, West Virginia, and Rigrodsky & Long, P.A., worked together on this shareholder derivative action.

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