25 Feb 2010
Moneygram Shareholder Class Action Settles: $80 Million…
Last November, Minnesota Litigator questioned the strategy of opposing class certification in this matter (and noted a rather unorthodox and liberal use of redaction in the response brief to the motion for class certification) and today comes the press release of settlement for $80 million. Insurance will pay for all but $20 million of the settlement (and, presumably, all of the defense costs less deductible?). It is sure that defendants (that is, insurers and insureds alike) will happily put this case behind them (behind them in months to come, actually, assuming the settlement is approved, class member opt-outs are few, and the settlement withstands challenge on appeal, if any).
