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Frontier, Investors Win Final Nod for $15.5 Million Settlement

May 23, 2022, 6:03 PM

Frontier Communications Corp. and investors who say it misled them about a 2016 wireline purchase may end their securities dispute after a federal judge in Connecticut signed off on a $15.5 million deal.

The telecommunications company’s cash settlement “represents only 7% of the estimated maximum recoverable damages,” but that’s “reasonable in light of the risks of litigation,” the US District Court for the District of Connecticut said.

Investors sued Frontier in 2017 for allegedly failing to disclose information connected to its purchase of some wireline operations—network connections that aren’t wireless—from Verizon Communications Inc.

The settlement covers investors who acquired ...