Exide Settles Investor Class Action For $13M

Law360, New York (March 30, 2009, 12:00 AM EDT) -- Automotive battery producer Exide Technologies has agreed to pay $13.7 million to settle a consolidated class action alleging the company deceived investors with sanguine reports shortly after emerging from bankruptcy in 2004.

The settlement, submitted Friday for approval by Judge Mary L. Cooper of the U.S. District Court for the District of New Jersey, creates a $13.7 million settlement fund to resolve accusations the battery maker misled investors about its ability to meet covenants associated with loans the company took on after reorganization.

After Exide emerged...
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