Silver Lake will pay $29.5 million to settle a seven-year-old lawsuit accusing the private equity firm of conspiring with other firms in the industry to undermine competitive bidding in leveraged buyouts ahead of the financial crisis, resulting in billions of dollars in losses for investors, according to a court filing cited by The New York Times reports.

The lawsuit was brought against several private equity firms in December 2007 by former shareholders of companies that were bought out, The New York Times reports. Silver Lake is the third among the accused firms to settle. A month earlier, Goldman Sachs Group Inc. agreed to pay $67 million to settle its suit, while Bain Capital Partners LLP reached a $54 million agreement, Reuters reports. All three settlements are subject to the approval of U.S. District Judge William G. Young, according to Bloomberg News.

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