On November 1, 2016, a federal judge granted final approval to a $9.1 million all-cash settlement achieved by Lead Plaintiff Central States, Southeast and Southwest Areas Pension Fund with defendants Navistar International Corporation (“Navistar” or “the Company”), and three of its former officers, Daniel C. Ustian, Andrew J. Cederoth, and Jack Allen.
At a hearing on November 1, 2016, the Honorable Sara L. Ellis of the United States District Court for the Northern District of Illinois ordered that the settlement be finally approved, that Lead Counsel Cohen Milstein Sellers & Toll PLLC’s request for attorneys’ fees and expenses be granted, and that Lead Plaintiff’s litigation expenses be reimbursed.
Judge Ellis’ ruling finally resolves securities fraud claims asserted under Section 10(b) and 20(a) of the Securities Exchange Act of 1934 by the Lead Plaintiff against the defendants for alleged material misrepresentations and omissions concerning the development and marketability of Navistar’s exhaust gas recirculation technology to meet the EPA’s NOx regulations for truck engines.
The $9.1 million all-cash settlement benefits a class of individuals and entities that purchased Navistar International Corporation common stock from March 10, 2010, to August 1, 2012.
Of Judge Ellis’s ruling, Carol V. Gilden, the lead attorney for the Lead Plaintiff and the Class, said, “This was hard-fought, contentious litigation. We overcame significant hurdles, particularly in light of the Court’s rulings in the case. Settlement of the Class’s claims for $9.1 million is an excellent result and will provide class members with a substantial recovery.”
Lead Plaintiff and the Class are represented by Steven J. Toll, Carol V. Gilden, S. Douglas Bunch, and Genevieve Fontan, all of Cohen Milstein.
Final Approval Order - November 1, 2016