Patterson’s $63 Million Securities Settlement Gets Initial Nod

Patterson Cos. investors leading class action litigation against the company won preliminary approval from a federal judge in Minneapolis for a $63 million settlement resolving securities fraud claims over its alleged role in a price-fixing scheme involving the top U.S. dental supply wholesalers.

Judge Michael J. Davis signed off tentatively late Thursday on the agreement, which would end the shareholder case brought by pension funds in the U.S. District Court for the District of Minnesota against Patterson and its former chief executive.

Davis called the deal “reasonable and adequate,” scheduling a final fairness hearing for June 9. He didn’t signal ...