Bloomberg Law
Feb. 22, 2023, 5:30 PM

SCOTUS Dismisses Securities Fraud Evidence Case After Settlement

Martina Barash
Martina Barash

The US Supreme Court has dismissed a case about the scope of a federal discovery law following state-court approval of Pivotal Software Inc.'s class settlement with investors who alleged securities fraud.

The justices closed the case Tuesday after the parties reported that the $2.75 million settlement was final. The deal was first announced as a settlement in principle in the Superior Court of California, City and County of San Francisco, in September 2021.

Investors alleged in 2019 that Pivotal misled them about its sales prospects during its initial public offering the previous year. The cloud-focused software firm failed to disclose ...

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