Reuters reports that the judgment by U.S. Judge Ronald Guzman in Chicago was the largest in a securities fraud class action that went to a trial, according to a statement from the Robbins Geller Rudman & Dowd law firm that represented investors.
Almost all securities fraud class action cases settle before going to a jury.
The suit was filed in 2002 and alleged Household International, its chief executive, chief financial officer and head of consumer lending made false and misleading statements that inflated the company's share price.
The plaintiffs also claimed that Household artificially boosted its share price by engaging in predatory lending and hid the quality of its loan portfolio.
To access the complete Reuters article hit the link below
image: © Gyver Chang