A judge approved Wickes' $32-million settlement.

Under terms of the previously announced plan to settle all class-action securities lawsuits brought against it and a group of former officers and directors, Wickes will pay about $4 million. The remainder will be paid by insurance. The lawsuits alleged that investors--primarily those who purchased common stock and debentures in the company and its subsidiaries between August, 1980, and its April, 1982, collapse under Chapter 11 of the U.S. Bankruptcy Code--were misled about Wickes' financial condition.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
61°