University Of Phoenix Owner Ends Investor Suit For $145M

Law360, New York (November 29, 2011, 9:02 PM EST) -- A federal judge on Monday preliminarily approved a $145 million settlement that would end a long-running, consolidated shareholder class action accusing the owner of for-profit University of Phoenix of trying to suppress a negative report that ultimately caused its stock price to sink.

Apollo Group Inc. and lead plaintiff the Policemen’s Annuity and Benefit Fund of Chicago reached the settlement agreement Nov. 21, according to court papers filed in Arizona federal court.

Apollo spokesman Chad Christian declined to comment Tuesday. Counsel for the plaintiffs could not...
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