Court Approves Deal in Suit Against Pimco
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A Delaware court gave final approval to a previously announced settlement of a shareholder lawsuit against Pimco Advisors LP, a Newport Beach asset manager, the firm said Friday.
The settlement calls for Pimco to pay $15.4 million to shareholders of New York-based Oppenheimer Capital LP, which Pimco acquired last year for $1.1 billion.
The plaintiffs had charged that Pimco had a “patent conflict of interest” in setting the purchase price and that Oppenheimer and its officers had breached fiduciary duties in allowing the transaction to proceed.
The company had already set aside $15.4 million to pay the settlement, which was announced last December.
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