Alstom To Pay $7M To End Securities Action

Law360, New York (May 9, 2011, 7:34 PM EDT) -- French transport and energy company Alstom SA agreed Monday to shell out $7 million to end a long-running securities fraud class action in New York that accused it and its officers of artificially inflating stock prices.

Lead plaintiff International Brotherhood of Electrical Workers Local 269 lodged an unopposed motion for preliminary approval of the deal after two rulings last fall significantly trimmed the number of claims and amount of potentially recoverable damages for the class.

The proposed settlement of the consolidated class action, which accused Alstom...
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