An Elmwood Park, N.J., manufacturer of Bubble Wrap and other packaging items has agreed to pay $20 million to settle a six-year-old class action suit by shareholders who charged that it understated its liability for litigation caused by acquiring part of an asbestos maker.

U.S. District Judge Dennis Cavanaugh approved the settlement, under which $6 million, or 30 percent, goes toward attorney fees and another $393,350 for expenses, on Dec. 4.

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