Flowserve, Investors Reach $55M Settlement

Law360, New York (December 21, 2009, 5:10 PM EST) -- Valve and pump manufacturer Flowserve Corp. has reached a $55 million settlement with investors who filed a class action alleging the company and its underwriters and auditors defrauded them with false financial reports.

Flowserve, PricewaterhouseCoopers LLP and underwriters Banc of America Securities LLC and Credit Suisse First Boston LLC filed a stipulation of settlement with the case's plaintiffs on Friday in the U.S. District Court for the Northern District of Texas.

Flowserve said in an SEC filing that it would contribute $13.5 million to the conditional...
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