Cendant Settles Class Actions For $22M
The suits were filed after accounting irregularities were discovered at former Cendant subsidiary CUC International Inc. The suits named both Cendant and CUC as defendants, as well as Ernst & Young, CUC’s auditor.
The complaints alleged that plaintiffs purchased shares of American Bankers Insurance Group Inc. at inflated prices caused by Cendant’s accounting problems.
The shares were...
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