A couple of settlement items:
(1) The Tyco settlement has been approved. Not every class member will be happy, however, as the court rejected the fee objections raised by three institutional investors. As requested, the plaintiffs’ attorneys will receive $464 million, believed to be the largest fees payout ever by a single company defendant in a securities class action. Reuters and the Associated Press have articles.
(2) Court approval, however, is not the final step in a settlement. The funds have to be distributed, which has turned out to be problematic in the Computer Associates case. The Wall Street Journal has a report discussing the accidental overpayments to some claimants. The settlement administrator is trying to get the money back, but many of the checks have been cashed.
The 10b-5 Daily 