A $79 million settlement has been reached in a long-running class-action suit that accuses Tyco International Ltd. of misleading investors in its undersea cable subsidiary, TyCom Ltd.
The parties reached a deal on April 13 that would end the 7-year-old suit, and the plaintiffs moved on Monday for preliminary approval from U.S. District Judge Garrett Brown Jr. in Trenton. He has set a May 6 hearing date.
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