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Shareholders Settle Tower Auto Case For $5.35M

Law360 (February 25, 2009, 12:00 AM EST) -- Shareholders have reached a $5.35 million settlement in a proposed class action brought against several of Tower Automotive Inc.'s former officers and employees alleging they misrepresented the company's liquidity.

Co-lead counsel for the plaintiffs, Vianale & Vianale LLP and Shalov Stone Bonner & Rocco LLP, announced the deal Tuesday. The settlement agreement was filed with the U.S. District Court for the Southern District of New York on Feb. 10.

A hearing has been scheduled for May 27 so a judge can decide whether the deal is...
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