Reuters: Court OKs CIT Group $75MM Accord in Fraud Case
MAR 26, 2012 - 8:30 am
Reuters reported that CIT Group won preliminary court approval of a $75 million settlement to resolve allegations the commercial lender fraudulently misled shareholders about its exposures to risky mortgages and student loans. The class includes investors who owned CIT shares between December 12, 2006, and March 5, 2008, and who bought preferred stock under an October 2007 offering.
U.S. District Judge Barbara Jones in Manhattan granted preliminary approval for the settlement. A hearing to consider final approval is scheduled for June 13. The lead plaintiff is Pensioenfonds Horeca & Catering, a pension fund for the Dutch hospitality and catering industry, the article noted.
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