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IBM To Pay $20M To Settle Suits Over '05 Stock Drop

Law360 (June 2, 2008, 12:00 AM EDT) -- IBM Corp. will pay more than $20 million to settle a shareholder class action claiming it misled investors who purchased the company's stock during a nine-day period in 2005, the company and the plaintiffs' lawyers said Monday.

The agreement has received preliminary approval from Judge Alvin K. Hellerstein in the U.S. District Court for the Southern District of New York and is scheduled for a fairness hearing Sept. 9, according to court documents.

Despite the settlement, IBM disputed that it had made any representation to investors...
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