Flag Telecom Class Action Ends With $24M Deal

Law360, New York (November 10, 2010, 5:55 PM EST) -- A federal judge has granted final approval to a $24.4 million settlement that closes out a tangled, protracted securities class action against Citigroup Global Markets Inc. and a battery of former officers of bankrupt Flag Telecom Holdings Ltd. over allegedly false statements made in connection to Flag's initial public offering.

Judge Colleen McMahon of the U.S. District Court for the Southern District of New York signed off on the deal Monday, calling it a “remarkable result for the class in a complex case that posed a...
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