Qudian, Investors Strike $8.5M IPO Suit Settlement Deal

Law360 (November 16, 2020, 5:18 PM EST) -- Investors in Chinese online microlender Qudian on Friday asked a Manhattan federal judge to sign off on an $8.5 million settlement deal which, if approved, would end claims that the company left out mention of an expansive auto loan project from documents related to its 2017 initial public offering.

In the Nov. 13 brief, co-lead plaintiffs Alan B. Hertz and the Alan Hertz Family 2012 Trust and additional named plaintiff Darwin Sutanto told U.S. District Judge Jesse M. Furman that with the agreement they'd brokered, "plaintiffs have achieved an excellent resolution of this action," noting that the multimillion dollar settlement sum...

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