The U.S. District Court in Newark, NJ, approved Tuesday the previously announced class action litigation settlement with Cendant common stockholders. Cendant did not have any objections with the amount specified, roughly $2.4 billion, but has 30 days from Aug. 15 to issue any appeals.
The litigation stemmed from fluctuations in the company’s stock price that occurred after it issued revised financial statements covering several years. In mid-June three former executives from CUC International, which merged with HFS Inc. in December 1997 to form Cendant, pled guilty to criminal charges of fraud stemming from their activities. The three, along with four others, also pled guilty to civil and administrative fraud.
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