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Carlyle Settles IT Group Investors' Suit For $3.4M

Law360 (April 23, 2009, 12:00 AM EDT) -- After seven years of litigation, The Carlyle Group LLC and 10 former executives of IT Group Inc. have reached a $3.4 million settlement with a class of shareholders who claimed the defendants knowingly concealed financial woes that led to the environmental mediation firm's bankruptcy.

The parties filed a motion for settlement in the U.S. District Court for the Western District of Pennsylvania on Wednesday, ending two securities class actions that accused the defendants of manipulating balance sheets, causing the plaintiffs to acquire stock at inflated prices....
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