Court Approves DiamlerChrysler Settlement

Reuters reports that Judge Farnan of the D. of Del. has granted preliminary approval for the proposed $300 million settlement of the securities class action against DaimlerChrysler AG. The suit alleges that Daimler-Benz AG misrepresented the acquisition of Chrysler as a “merger of equals” to avoid paying Chrysler shareholders a takeover premium for their shares. (The 10b-5 Daily originally posted about the settlement in August.)

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