Court Approves $57.5M Sprint Settlement

Law360, New York (December 13, 2007, 12:00 AM EST) -- A Kansas state court judge has closed the book on a long-running securities class action suit filed against Sprint Nextel Corp., approving a $57.5 million settlement in the case.

Johnson County District Judge Kevin Moriarty approved the settlement on Wednesday, bringing an end to a case filed in 2004 over Sprint's decision to combine its wireless (PON) and wireline (FON) tracking stocks.

In addition to approving the agreement, Judge Moriarty also set aside $15.85 million — 27.5% — of the funds for plaintiffs' attorney fees. And...
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