Judge Gives Nod To $586M Deal In IPO Action

Law360, New York (June 11, 2009, 12:00 AM EDT) -- A federal judge has given tentative approval to a $586 million settlement in a massive securities case brought by investors that alleged banks including Credit Suisse Group AG and Morgan Stanley rigged initial public offerings during the 1990s tech bubble, leaving plaintiffs with a significantly smaller recovery amount than the billions of dollars they had sought at one point in the case.

Judge Shira A. Scheindlin of the U.S. District Court for the Southern District of New York on Wednesday granted preliminary approval to the deal,...
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