Daily News: March 14, 2012

Reuters: CIT Offers $75MM to End Fraud Lawsuit


Reuters reported that CIT asked a federal judge to approve a $75 million settlement proposal with former CIT shareholders in a class-action securities fraud lawsuit over actions preceding the large commercial lender’s 2009 bankruptcy.

The article noted that the preliminary settlement, which was submitted for Manhattan federal court Judge Barbara Jones’ approval, would put an end to a lawsuit brought on behalf of purchasers of CIT securities from December 12, 2006 to March 5, 2008.

To read the full Reuters article, click here.

Previously on abfjournal.com:

CIT Raises Cost Estimates For Litigation, Thursday, March 01, 2012