Constar Directors Reach $23M Deal To Exit Investor Suit

Law360, Philadelphia (September 5, 2012, 4:50 PM EDT) -- Board members of Constar International Inc. asked a Pennsylvania federal judge Friday to approve a $23.5 million settlement shedding class action claims stemming from the plastic bottle manufacturer's 2002 initial public offering.

Under the proposed settlement, the directors deny all claims that they misrepresented its business plan and financial outlook in the 2002 offering. If approved by U.S. District Judge Edmund Ludwig, the settlement will mark the end to over nine years of litigation surrounding the case. The underwriters for the IPO are also participating in...
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