Textron Agrees To Settle Class Action For $7M

Law360, New York (March 6, 2006, 12:00 AM EST) -- After nearly three and a half years of drawn-out litigation, Textron Inc. has agreed to make a $7 million settlement over charges that executives failed to disclose problems at the company’s Bell Helicopter Textron unit.

The settlement was announced on Monday in a statement issued by plaintiff’s co-lead counsel, Kirby McInerney & Squire LLP. The law firm recommended the suit be dismissed with prejudice.

The proposed settlement awaits approval by Judge William E. Smith in a Rhode Island district court hearing set for May 9....
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.