Law360, New York (August 12, 2013, 3:26 PM EDT) -- After nearly a decade of litigation, a class of Smith Barney Management Fund LLC investors asked a New York federal judge Friday to approve a $5 million settlement of allegations that the brokerage and its executives misled investors about fees in company prospectuses.
The class of investors agreed to settle the suit out of fears that the brokerage would be unable to fund a judgment that's any larger than the settlement amount, according to Friday's filing.
“The prospect of proving damages raised significant risks and those...
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