Kerkorian Firm To End Insider Trading Suit For $8M

Law360, New York (March 18, 2010, 5:52 PM EDT) -- 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, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.