Coinstar Smoothes Out Shareholder Class Action For $6M

Law360, New York (February 17, 2012, 10:36 PM EST) -- A putative class of shareholders reached a $6 million settlement Friday with coin-counting kiosk maker Coinstar Inc. after alleging the company hid problems with its DVD rental subsidiary prior to releasing a disappointing 2010 earnings report, costing investors millions of dollars.

Lead plaintiff Employees’ Retirement System of Rhode Island asked U.S. District Judge Marsha J. Pechman to sign off on a preliminary approval of a settlement in which Coinstar would pay $6 million in cash to a putative class of shareholders.

Judge Pechman was also asked...
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