Reuters reported that CIT asked a federal judge to approve a $75 million settlement proposal with former CIT shareholders in a class-action securities fraud lawsuit over actions preceding the large commercial lender’s 2009 bankruptcy.

The article noted that the preliminary settlement, which was submitted for Manhattan federal court Judge Barbara Jones’ approval, would put an end to a lawsuit brought on behalf of purchasers of CIT securities from December 12, 2006 to March 5, 2008.

To read the full Reuters article click here.

Previously on monitordaily: CIT Raises Cost Estimates For Litigation, published March 1, 2012