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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.