Idearc Execs Strike $34M Deal To End Investors' Fraud Claims

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...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Buettgen v. Harless et al


Case Number

3:09-cv-00791

Court

Texas Northern

Nature of Suit

Securities/Commodities

Judge

Ed Kinkeade

Date Filed

April 30, 2009

Law Firms

Companies

Government Agencies