Stoll Berne obtained preliminary court approval of a partial class action settlement in the Aequitas securities litigation. Under the terms of the settlement, defendant Tonkon Torp, a Portland law firm, agreed to pay $12.9 million to settle the claims of the proposed class of investors represented by Stoll Berne. Class action settlements require court approval. U.S. District Court (Oregon) Magistrate Judge Acosta rejected the strenuous objections of non-settling defendants Deloitte & Touche, Sidley Austin, TD Ameritrade and others. The settlement is subject to final approval.
March 19, 2019: Portland Business Journal, “Ruling paves way for class certification in Aequitas litigation“