$42 Million Worth Of Settlements Approved By Judge Against Fruit Of Loom Inc.
A judge has approved $42 million worth of settlements in two class action settlements against Fruit of the Loom Inc. The settlement figure comes from a combination of the two class action suits that were filed after the company was accused of providing false information in order to boost company stock.The two settlements were for $23.2 million and $19.1 million, and are to cover stock purchased between July 1996 and September 1997 and for stock purchased between September 1998 and November 1999.
Notices have been mailed out to around 28,000 people involved in the two lawsuits, although it is not known yet jut how many people could collect cash from the settlements. One attorney stated: "There will be thousands of people involved in each case.
U.S. District Judge Joseph H. McKinley Jr. wrote in his 17-page order: “Clearly, the public interest is served by the settlements since recovery has been obtained for such a large number of class members in the investing public.”
Topic Added March 23rd, 2006
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