Navistar To Pay $9.1M To Resolve Shareholder Suit

Law360, Los Angeles (September 28, 2016, 9:54 PM EDT) -- Navistar International Corp. has agreed to pay $9.1 million to resolve a shareholder class action accusing the truck manufacturer of making false or misleading statements about the development of a reduced emissions engine, according to documents filed Wednesday in Illinois federal court.

In asking U.S. District Judge Sara L. Ellis to grant final approval of the deal, the investors said the terms were fair and reasonable and reached after three years of hard-fought litigation. Lead plaintiff Central States, Southeast and Southwest Areas Pension Fund accuses Navistar of violating securities laws by concealing knowledge that its proprietary engine system wasn't going to...

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