Cendant To Pay $32.5M In Class Action Settlement

Law360, New York (December 12, 2005, 12:00 AM EST) -- Real estate company Cendant Corp. continues to feel the effects of its 1998 accounting fraud scandal, agreeing to pay $32.5 million to settle a shareholder lawsuit stemming from a stock drop caused by the disclosure of the fraud.

The settlement will benefit shareholders that purchased Cendant Income PRIDES or Cendant Growth PRIDES between April 16, 1998 and August 28, 1998.

The litigation was filed in 1998 after Cendant disclosed its executives had made false statements to inflate revenues by $500 million, an announcement that caused the...
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.