A $300 million settlement between DaimlerChrysler AG, Stuttgart, and former Chrysler investors was approved today by U.S. District Court Judge Joseph Farnan in Wilmington, Del. The settlement was reached in August with investors, including the $120 billion Florida Board of Administration, Tallahassee; $5.8 billion Chicago Municipal Employees Annuity & Benefit Fund; $3.7 billion Chicago Policemen's Annuity & Benefit Fund; and $1.5 billion Denver Employees' Retirement Plan. All four were lead plaintiffs in a class-action lawsuit that claimed Daimler-Benz AG underpaid for Chrysler Corp. shares in the two firms' 1998 merger.
Distribution of the settlement among the investors in the class hasn't been determined yet. DaimlerChrysler and Florida board officials couldn't be reached by press time for comment.