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Genworth Agrees To $20M Settlement In Suit Over Unit's IPO

Law360, New York (June 21, 2017, 9:04 PM EDT) -- Genworth Financial Inc. has agreed to pay $20 million to settle claims from a class of investors that it concealed poor market conditions prior to its Australian insurance unit’s initial public offering, according to documents filed in New York federal court on Wednesday.

Lead plaintiffs City of Hialeah Employees’ Retirement System and New Bedford Contributory Retirement System asked U.S. District Judge Alvin K. Hellerstein to grant preliminary approval of the settlement, which the investors said was negotiated through extensive phone conferences, written correspondence and in-person discussions....
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