iStar To Pay $29M To Settle Shareholder Class Action

Law360, New York (September 7, 2012, 10:48 PM EDT) -- Real estate financing company iStar Financial Inc. on Friday agreed to pay $29 million to settle a putative shareholder class action that accused the company and its principals and underwriters of withholding information during a public offering.

Lead plaintiffs Plumbers’ Union Local No. 12 Pension Fund and Citiline Holdings Inc. are seeking preliminary approval of the deal in New York federal court.

“The proposed settlement is an excellent result for the class under the circumstances; is fair, reasonable and adequate under the governing standards in this...
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