Kerkorian Firm To End Insider Trading Suit For $8M

By Hilary Russ

Law360, New York (March 18, 2010, 5:52 PM ET) -- Kirk Kerkorian's private investment firm Tracinda Corp. has agreed to pay $8.1 million in cash, plus interest, to end a long-running insider trading class action by shareholders who accused executives of unloading DaimlerChrysler stock before the price fell in 1999.

Attorneys for the former DaimlerChrysler shareholders filed a motion for approval of the settlement on Tuesday in the U.S. District Court for the Central District of California, saying that after six years of extensive litigation the deal provides a “substantial” recovery to class members.

The class...
To view the full article, take a free trial now.

Already a subscriber? Click here to login

You must correct or enter the following before you can submit this form:

All fields required

  5. Required

Only Law360 gives you:

Non-stop coverage of high-stakes litigation across 30 practices

Real-time tracking and reports on 10,000+ companies, firms and industries

Over 80,000 attorney profiles with neutral data collected from active lawsuits

Research tools to find cases, court documents, attorneys and companies

Customized feeds and alerts that can easily be shared with colleagues

In-depth expert analysis from high-profile attorneys at top firms

Access to our vault with over 75,000 original articles