Chicago Bridge & Iron, Investors Reach $44M Class Settlement

Chicago Bridge & Iron Co. and a class of investors are seeking approval of a $44 million settlement in a case that alleges the engineering firm concealed large losses stemming from contracts to construct nuclear power plants in Georgia and South Carolina.

Lead plaintiff ALSAR Ltd. Partnership and others claimed CBI made misleadingly optimistic statements to investors about progress on its nuclear projects and didn’t disclose cost overruns and other problems.

“Plaintiffs believe that the Settlement Amount represents the majority of what could actually be collected on any award achieved at trial, given the bankruptcy of the corporate defendant, eroding ...