Motorola Inc. has agreed to pay $190 million to end a national securities-fraud class action brought by the New Jersey state pension fund and individual shareholders. The plaintiffs claim Motorola failed to disclose more than $2.7 billion in loans to two Turkish telecom companies and inflated revenues from equipment sold to the companies. The pension fund estimates it lost $8 million from the purchase of Motorola stock. A federal judge is expected to approve the settlement by August.
April 18, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Motorola Inc. will pay $190 million to end a national class action brought by the New Jersey state pension fund and individual shareholders, claiming securities fraud.
The fund, which estimates an $8 million loss from the purchase of Motorola stock, struck the deal on April 12, four years after it sued the Schaumburg, Ill., company in the Northern District of Illinois.
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