A settlement has been reached in the long-running litigation over the gaming of initial public offerings by investment banks and issuing companies. In papers released Monday, lawyers said they have agreed to settle for $586 million.
The suits before Southern District of New York Judge Shira Scheindlin alleged that underwriters drove up the price of new issues by requiring clients to buy blocks of stock at ever-higher prices — and failed to disclose this fact to investors who were later burned by the collapse of the market in tech stocks.
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