Blackstone Strikes $85M Deal To Settle IPO Suit

Law360, New York (August 29, 2013, 12:20 PM EDT) -- Blackstone Group LP agreed on Wednesday to pay a class of investors $85 million to settle claims that the New York private equity firm hid risky investments, striking a deal on the eve of a trial that has been more than five years in the making.

The settlement comes just two weeks after U.S. District Judge Harold Baer certified a class allegedly hurt by investments in Blackstone’s $4.5 billion initial public offering after the firm's stock plummeted between 2007 and 2008, according to court documents. Plaintiffs said on Wednesday...
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