$97.5M JC Penney Investor Settlement Gets Initial OK
Law360, New York (July 24, 2017, 7:52 PM EDT) -- A Texas federal judge ruled Monday to grant preliminary approval to a deal for J.C. Penney to pay $97.5 million and make other concessions to a class of investors who’d accused the retailer of lying about its financial health, following the recommendation of a magistrate judge.
U.S. District Judge Robert W. Schroeder III granted preliminary approval to the proposed settlement of a suit from investors who sued J.C. Penney in 2013, claiming that their decision to purchase stock within the class window was the result of false statements made by company executives late that summer about how much cash the company...
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