Motorola Settles Securities Class Action For $190M

Law360, New York (April 18, 2007, 12:00 AM EDT) -- Motorola Inc. on Monday agreed to pay $190 million to a securities fraud class action relating to its dealings with two Turkish companies.

The settlement resolves allegations that the phone company misled shareholders about the nature of its dealings with Telsim and Rumeli, two telecommunications companies controlled by Turkey’s Uzan family.

A New Jersey pension fund, which at one point held around 2.7 million shares of Motorola, was part of a class of investors that sued the company alleging that it actively touted lucrative equipment sales...
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