Transpacific Industries Group has reached a $35 million settlement with shareholders who launched a class action against the waste management company.
The class action, funded by IMF (Australia), was launched on behalf of shareholders who acquired TPI shares between August, 2007 and February, 2009.
TPI said after talks with legal firm Maurice Blackburn the parties had agreed to settle for about $35 million, with no admission of liability by TPI.
"The negotiated settlement with members of the proposed securities class action will resolve this action which grew out of events that occurred several years ago under a previous management regime," chairman Gene Tilbrook said in a statement on Tuesday.
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