August 28, 2013 / 11:32 PM / 4 years ago

Blackstone to pay $85 million to settle lawsuit over IPO

NEW YORK (Reuters) - Blackstone Group LP (BX.N) has agreed to pay $85 million to settle an investor class action lawsuit accusing the private equity giant of not disclosing bad investments before its $4.7 billion initial public offering in 2007.

    The settlement, disclosed in court papers filed Wednesday in U.S. District Court in Manhattan, came in the run-up to a trial set to begin September 16. The proposed deal requires judicial approval.

    Reporting by Nate Raymond in New York; Editing by Gary Hill

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below