February 26, 2010

MoneyGram International Settles

MoneyGram International, Inc. (NYSE: MGI), a Minneapolis-based payment services company, has announced the preliminary settlement of the securities class action (and related derivative action) pending against the company in the D. of Minn. The case, originally filed in 2008, stems from subprime-related investment losses and is based on allegations that the company made false statements regarding its investment portfolio.

The settlement is for $80 million, with $60 million to be covered by insurance. Reuters has an article on the settlement.

Posted by Lyle Roberts at February 26, 2010 6:30 PM | TrackBack
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