Apollo Group, convinced it had a watertight case, last year became one of a handful of companies in the past decade to go to trial rather than settle a securities class action. The company lost that bet when it was hit with a $277 million compensatory damages verdict after jurors ruled that Apollo had misled investors. The decision was the largest investors' win since the Private Securities Litigation Reform Act was enacted. Apollo was vindicated Monday when a district court overturned the jury's verdict.
Judge Tosses $277 Million Jury Verdict in Securities Class Action
The American Lawyer
August 6, 2008