Abercrombie Strikes $12M Deal With Securities Class

Law360, New York (May 27, 2010, 4:42 PM EDT) -- Abercrombie & Fitch Co. has reached a $12 million deal to settle a securities class action that accused the clothing retailer of concealing evidence of waning sales in the summer of 2005.

Abercrombie entered into an agreement in principle to settle all outstanding claims in the consolidated litigation, which is pending in the U.S. District Court for the Southern District of Ohio, the company said in a Form 8-K filed with U.S. Securities and Exchange Commission on Thursday.

The $12 million figure covers the attorneys' fees...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.