LAWSUITS NEWS & LEGAL INFORMATION
$26M Settlement Proposed in Nationwide Securities Lawsuit
This is a settlement for the Securities/Stock Fraud lawsuit.
New York, NY: Nationwide has agreed to pay $26 million to settle a securities class action lawsuit related to the merger with Harleysville Insurance.
The consolidated class action and derivative lawsuit resulted from the merger of Nationwide Mutual and Harleysville Mutual and was brought on behalf of former Harleysville Mutual policyholders. The merger was completed last May, and Harleysville Insurance is now part of the Nationwide group.
The lawsuit and settlement were filed in the Court of Common Pleas of Philadelphia, First Judicial District of Pennsylvania, Civil Trial Division.
The settlement has not received final court approval, and the parties involved have asked the court to certify a class for the purposes of settlement only. Before the court can approve the settlement, class members must be given notice of the terms of the settlement and their rights with respect to it, and a fairness hearing must be held on the terms of the settlement.
Deadlines for objecting or opting out of the settlement have not been set by the court as yet, nor has a date been set for the fairness hearing.
Published on Oct-12-12
The consolidated class action and derivative lawsuit resulted from the merger of Nationwide Mutual and Harleysville Mutual and was brought on behalf of former Harleysville Mutual policyholders. The merger was completed last May, and Harleysville Insurance is now part of the Nationwide group.
The lawsuit and settlement were filed in the Court of Common Pleas of Philadelphia, First Judicial District of Pennsylvania, Civil Trial Division.
The settlement has not received final court approval, and the parties involved have asked the court to certify a class for the purposes of settlement only. Before the court can approve the settlement, class members must be given notice of the terms of the settlement and their rights with respect to it, and a fairness hearing must be held on the terms of the settlement.
Deadlines for objecting or opting out of the settlement have not been set by the court as yet, nor has a date been set for the fairness hearing.
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