Lockheed pays $19 million to settle securities fraud class action

March 21, 2013
By Steve Larson

A class of Lockheed Martin Corp. investors asked a New York federal court Tuesday to approve a $19.5 million settlement to end its securities suit alleging the defense giant misled investors about the strength of its information systems business.

Lead plaintiff City of Pontiac General Employees’ Retirement System asked U.S. District Court Judge Jed S. Rakoff to approve the settlement about two months after Judge Rakoff agreed to certify the investor class. The shareholders had accused the company of puffing up investor expectations about Lockheed’s information systems.

Categories: Class Actions of Interest

Steve Larson

An experienced trial lawyer who handles both hourly and contingent fee cases, Steve has expertise in class actions, environmental clean-up litigation, antitrust litigation, securities litigation, corporate disputes, intellectual property disputes, unfair competition claims, and disputes involving family wealth. Steve regularly represents individuals and businesses in federal and state court and has obtained class-wide recovery in multiple class actions. A veteran practitioner, Steve’s clients value his creative approach to resolving complex litigation matters.

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