US Steel, Investors Reach $40M Deal To End Stock Row

By Emilie Ruscoe (May 23, 2022, 8:16 PM EDT) -- Investors in Pittsburgh-based steel producer U.S. Steel have asked a Pennsylvania federal judge to give an initial nod to a $40 million cash deal that would end their claims the company hurt investors by concealing lost production capacity.

In a motion for preliminary approval of a settlement of the consolidated proposed class action, the investors told U.S. District Judge Cathy Bissoon that "extensive" mediation had yielded an agreement that is "an excellent result for the settlement class, particularly when viewed in light of the risks of further litigation and trial."

The settlement talks spanned three of the five years since the...

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