Sprint agrees to settle on remaining Nextel merger lawsuits

A year after settling a class-action investor lawsuit tied to the 2005 Sprint-Nextel merger, Sprint has reached a settlement to wrap up remaining litigation spawned by the merger.

The settlement, which covers four cases, will deliver $4.25 million in attorney’s fees if approved in court and will not include a payout from Sprint to shareholders. The attorneys may apply to use some of the money to pay $5,000 “incentive awards” to the shareholders who were named as plaintiffs.

A Sprint spokeswoman said the proposed settlement would wrap up all the remaining litigation tied to the merger. Sprint disclosed the proposed settlement in a filing with the Securities and Exchange Commission.

Judge James F. Vano will hold a hearing at 9 a.m. May 26 in Johnson County District Court to allow the Sprint shareholders covered by the court actions to object to the proposed settlement.

Read more: Kansas City Star


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