AEROSPACE & DEFENSE
From Times Staff and Wire Reports
Wedtech Securities Case Settled: Stock and bond holders of Wedtech Corp., the scandal-plagued South Bronx military contractor, have settled a class-action suit against the defunct company’s accountants for $77.5 million, one of the plaintiffs’ lawyers said. The lawyer said the bulk of the settlement is expected to be paid by the accounting firms KPMG Peat Marwick and Deloitte & Touche. Investment bank Bear, Stearns & Co. is also expected to contribute. The securities suit, filed by 29 stock and bond holders, alleged that Wedtech’s accountants and investment bankers should have known about the company’s wrongdoing.
