Potential IPO Allocation Cases Settlement

The Wall Street Journal reports that there may be a settlement in the IPO allocation cases. Although it is not entirely clear from the press coverage, it appears that the parties are contemplating a global settlement (including issuers and underwriters) for less than $700 million. A settlement at this level would be a significant drop from the amounts being considered prior to the Second Circuit’s decision to deny class certification in some representative cases. Additional coverage can be found in the AmLaw Daily and Bloomberg.