Judge approves CalSTRS-Homestore.com settlement

CalSTRS' $93 million settlement with Homestore.com Inc., was approved by a federal court judge Tuesday, the pension fund announced. The $116 billion California State Teachers' Retirement System, Sacramento, was lead plaintiff in a class-action lawsuit filed against Homestore.com for allegedly falsifying financial statements and engaging in accounting irregularities. The settlement, which had been reached in August 2003, calls for Homestore to reform its corporate policies, pay $13 million in cash to the plaintiffs, and hand over 20 million shares of company stock.