Aeropostale To Pay $15M To Settle Shareholder Suit

Law360, Los Angeles (January 29, 2014, 9:24 PM EST) -- Aeropostale Inc. agreed on Wednesday to pay $15 million to settle a shareholder class action alleging the primarily teenage-clothing retailer defrauded investors by hiding financial troubles after a failed attempt to market itself to older customers.

The plaintiffs, led by the city of Providence, R.I., asked a New York federal court to preliminarily approve the settlement, which they said came after mediation and a review of over 1 million pages of documents.

“This substantial proposed settlement represents an excellent result for the class, particularly given the...
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