Caterpillar Gets First Nod For $60M Deal To End Defect Row
Law360, Washington (May 25, 2016, 7:26 PM EDT) -- Caterpillar Inc. on Wednesday won preliminary approval for a $60 million settlement in a class action alleging that it sold bus engines with a defective anti-pollution system, with a New Jersey judge finding the amount fair and reasonable.
U.S. District Judge Jerome B. Simandle said in an order that, at least for now, he is OK with the terms of the deal but will hold a final approval hearing in September.
"The court has conducted a preliminary assessment of the fairness, reasonableness and adequacy of the agreement, and hereby finds that the settlement falls within the range of reasonableness meriting possible final approval,"...
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