Bankrupt Satellite Radio Co. To Pay $2.4M To Settle Fraud Suit

Law360, New York (May 2, 2013, 9:23 PM EDT) -- The lead plaintiff in a six-year-old securities fraud class action against bankrupt satellite radio operator WorldSpace Inc asked a federal judge in New York on Thursday to approve a $2.4 million settlement of claims that the radio operator inflated its stock price by artificially pumping up its subscriber base. 

The parties in the case initially came to the settlement in October, with WorldSpace, several of its executives and underwriters UBS Securities LLC and Cowen & Co. LLC agreeing to settle claims in the case now that...
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