Judge Clears $12.5M Deal In NetBank Investors' Suit

Law360, New York (November 9, 2011, 4:37 PM EST) -- A Georgia federal judge on Wednesday approved a $12.5 million settlement in a class action targeting online bank NetBank Inc. and executives for allegedly defrauding investors by not disclosing the bank's true condition before its takeover by federal regulators and subsequent liquidation.

U.S. District Judge Timothy C. Batten approved the terms set in a stipulation filed by the parties in July, finding that “the settlement is, in all respects, fair, reasonable and adequate and in the best interest of the class.”

The settlement represents about a...
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