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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.