Qiao Xing Hangs Up On Class Action For $2.4M

Law360, New York (July 16, 2008, 12:00 AM EDT) -- Qiao Xing Universal Telephone Inc., one of China's largest phone manufacturers, on Friday settled a class action that alleged the company had intentionally misstated its finances for the fiscal years of 2003 to 2005 for $2.4 million.

U.S. District Judge Denise L. Cote of the U.S. District Court for the Southern District of New York gave final approval to the settlement, in which the company does not admit or deny any wrongdoing.

The company's directors and insurance carrier contributed $300,000 toward the settlement.

“We are glad...
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.