Williams Cos., E&Y Settle Securities Suit For $311M

Law360, New York (June 13, 2006, 12:00 AM EDT) -- Williams Cos. and Ernst & Young have agreed to pay a whopping $311 million to resolve a securities class action stemming from their accounting practices.

The lead plaintiffs in the case, the Arkansas Teacher Retirement System and the Ontario Teachers’ Pension Plan, will receive $290 million from the natural gas company and $21 million from the auditor in a settlement that prevented the suit from going to trial in the U.S. District Court for the Northern District of Oklahoma.

The settlement is subject to court approval...
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