Interstate Bakeries Corp. (OTC: IBCIQ.PK), the Kansas City-based manufacturer of Wonder Bread and Twinkies, has obtained preliminary court approval for a settlement of the securities class action pending against the company in the W.D. of Mo. The case was originally filed in 2003 and alleges that the company mislead investors about the market for its goods.
The settlement was agreed to last year, prior to Interstate declaring bankruptcy, and has been on hold waiting for the bankruptcy court to allow it to go forward. The settlement is for $18 million, with $15 million to be paid by insurers.
Addition: In related news, Twinkies have turned 75 years old.