An Allegheny County judge has refused to approve a settlement between Monroeville, Pa.-based Parkvale Financial Corp. and a proposed class of the company’s shareholders, saying the agreement would benefit no one but the defendant Parkvale directors and the plaintiffs’ attorneys.
In a 16-page opinion and order issued April 18, Allegheny County Common Pleas Judge R. Stanton Wettick Jr. denied the parties’ requests for preliminary approval of the settlement and certification of the class, saying that because the settlement permanently bars plaintiffs from bringing damage claims without providing any monetary relief for anyone other than plaintiffs’ counsel, it is outside the range of possible approval.
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