Judges Quash Veritas Settlement

Law360 (July 26, 2007, 12:00 AM EDT) -- A $35 million settlement between software company Veritas and disgruntled shareholders has been vacated by a U.S. appeals court, which ruled the investor class was misled by the terms of the deal negotiated by attorneys from the firm of veteran plaintiffs' lawyer Bill Lerach.

The Ninth Circuit on Wednesday vacated a California district court order approving the settlement, siding with a Veritas shareholder who claimed notice of the proposed agreement to the 494,000-strong class was inadequate under the 1995 Private Securities Litigation Reform Act.

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