J.C. Penney settles securities law class action for $97.5 million

Posted on: May 11th, 2017 by Steve Larson

J.C. Penney agreed to pay $97.5 million and make other concessions to a class of investors who had accused the retailer of lying about its financial health. Just two months after U.S. District Judge Robert Schroeder adopted a magistrate judge’s ruling certifying a class of J.C. Penney investors, the two sides reached a deal and have hammered out terms, according to a notice of settlement filed by the parties. The parties are working on a motion for preliminary approval and other settlement documents to submit to the court.

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