Synchrony, Investors Get Final Nod for $34 Million Settlement

Synchrony Financial and its shareholders have received court approval of a $34 million settlement over allegations that the private-label credit card provider misrepresented how its retail partners, including Walmart Inc., were reacting to underwriting changes.

Only one person objected, and just three shareholders—out of 160,000 in the class—opted out of the deal, Judge Victor A. Bolden said Aug. 4 for the US District Court for the District of Connecticut. Other factors also support a finding that the deal is fair, he said.

Bolden also approved an attorneys’ fee request for 13% of the settlement amount.

The suit nearly ended in ...