Plaintiffs Push $43M Deal In Iridium Securities Suit

Law360, New York (October 13, 2008, 12:00 AM EDT) -- Plaintiffs in a long-running securities action against the backers of Iridium World Communications Ltd. — including Motorola Inc., Merrill Lynch & Co. and Goldman Sachs Group Inc. — filed a motion Friday in support of a $43.1 million settlement.

Under the terms of the settlement, to which Judge Nanette K. Laughrey of the U.S. District Court for the District of Columbia gave preliminary approval on July 21, Motorola, Iridium's parent company, will pay the plaintiffs $20 million.

In addition, a consortium of underwriters, including Merrill Lynch...
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