Idearc Execs Strike $34M Deal To End Investors' Fraud Claims
By Kathryn Brenzel
Law360, New York (June 11, 2013, 5:04 PM ET) -- Executives of the former Idearc Inc. on Monday reached a $33.8 million settlement in a securities fraud class action accusing the company of releasing rosy financial statements as it spiraled toward bankruptcy, after years of failed attempts to resolve the case in Texas federal court.
The settlement comes on the eve of trial and after three failed attempts at mediation since the complaint was filed in 2009, according to court documents. After weighing the risk of an impending June trial, a certified class of Idearc shareholders...