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FECI Settles Shareholder Complaint

Law360 (July 13, 2007, 12:00 AM EDT) -- Florida East Coast Industries Inc. said Friday that it had settled a class action lawsuit its shareholders brought against it in opposition to a $3.5 billion merger with hedge fund manager Fortress Investment Group LLC.

Under the settlement, which is still subject to court approval, FECI will give its shareholders additional information in connection with the merger and will pay the legal fees and expenses of the plaintiff's counsel. In return, the shareholders agreed to dismiss the suit and withdraw all motions filed in connection therewith....
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