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Court Orders Expedited Discovery in Case Against UPR And Smith Barney Alleging Misuse of 'Inside' Information
PR Newswire - October 22, 1997 18:17
PZL UPR %OIL V%PRN P%PRN
HOUSTON, Oct. 22 /PRNewswire/ -- Pennzoil Company (NYSE: PZL) announced
today that in response to a request by Pennzoil, the United States District
Court for the Northern District of Texas, Ft. Worth Division, entered a
scheduling order "to ensure that the case is expeditiously prepared for
trial." The case involves claims by Pennzoil that Union Pacific Resources
Group Inc. (NYSE: UPR) and Smith Barney, Inc., have violated federal
securities laws and breached contractual obligations by misusing "inside"
information obtained from Pennzoil in connection with the tender offer begun
by UPR in June. The Court has ordered that discovery be completed in the case
by February 5, in just over 90 days, and that the lead lawyers attend a trial
setting conference near the February 5 discovery cut-off date, at which time
the Court will fix the trial date. The Court also set a number of
intermediate dates to advance the case for trial expeditiously.
A Pennzoil spokesman said, "Pennzoil is extremely pleased to have an early
opportunity to try these critical claims against UPR and Smith Barney
regarding the tender offer. This case is not -- as UPR has sought to downplay
it in the media -- a 'sideshow'. It obviously involves very serious claims
which the Court has now ordered be quickly prepared for trial."
Pennzoil seeks to have the tender offer permanently enjoined as a
consequence of the claimed violations.
Pennzoil Company explores for and produces crude oil and natural gas,
manufactures and markets premium quality lubricants, including America's top
selling motor oil for the past 11 years, and is the parent company of Jiffy
Lube International, the world's largest franchiser of fast oil change centers.
SOURCE Pennzoil Company
/CONTACT: Robert Harper, Corporate Communications of Pennzoil Company,
713-546-8536; or Joele Frank or Brian Faw, both of Abernathy MacGregor Group,
212-371-5999/
(PZL UPR)
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