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Och-Ziff settles shareholder suit over Libya bribes

Och-Ziff Capital Management Group agreed to pay $28.8 million to settle a shareholder lawsuit after being accused of misleading investors about violations of U.S. laws against foreign bribery, according to a court filing.

A judge in U.S. District Court in Manhattan last month allowed the shareholders to sue as a group. The settlement, disclosed in a filing Tuesday, requires court approval. The payment works out to be about 41 cents a share for the class.

The shareholders accused Och-Ziff of concealing violations of foreign bribery laws as it tried to secure capital from the Libyan Investment Authority and in connection with investments it made in the Democratic Republic of Congo. The lawsuit was filed in 2014 and covers investors who owned Och-Ziff shares from February 2012 to April 2014.