Veon to Pay $20 Million to End Investor’s Uzbek Bribery Suit (1)

Veon Ltd. agreed to pay almost $20 million to resolve investor allegations the multinational telecommunication company hid an Uzbek bribery scheme and overstated its financial controls.

This case is “a poster child for the proposition that much of the value of a settlement is its ability to provide an immediate recovery” since litigation has been going on for over a decade, the investor leading the proposed class action said while seeking preliminary approval of the deal Tuesday.

If approved by the US District Court for the Southern District of New York, the agreement would end allegations that the company formerly ...