Sadia Reaches $27M Deal In Currency Hedging Action

Law360, New York (September 19, 2011, 7:29 PM EDT) -- Sadia SA struck a $27 million deal with investors on Friday in New York, putting an end to a class action accusing the Brazilian food company and former executives of making false and misleading statements regarding its currency hedging practices.

Lead plaintiff Westchester Putnam Heavy & Highway Laborers Local 60 Benefit Funds called the resolution an "exceptional recovery" for the class in its motion for approval. After weeks of negotiations overseen by U.S. District Judge Daniel Weinstein, the plaintiffs opted for a settlement to avoid legal...
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