Chegg Investors Get Approval to Distribute Class Settlement Fund

A Chegg Inc. investor plan to allocate funds from a $55 million securities settlement to class members is fair and reasonable, a federal court said in closing the case against the tutoring company.

The allocation approval and final judgment issued June 20 by Judge P. Casey Pitts of the US District Court for the Northern District of California follows Pitts’ recent final nod in favor of the settlement. Pitts also granted a request for about $13.8 million, or 25% of the fund, in attorneys’ fees in that May 21 order.

• The investors alleged the textbook rental and online tutoring company ...