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23 May 2008
Ernst & Young's US arm has agreed to pay $3.5m (£1.8m) to affected shareholders for its part in a class-action lawsuit involving US pasta giant American Italian Pasta.
E&Y's offer, pending approval by plaintiffs, would provide 15 cents a share before expenses, the Kansas City Star reported.
In mid-2005 shareholders filed a series of lawsuits, alleging violations of securities laws, against the pasta maker, its directors and various officers and Ernst & Young. The suits were consolidated into one class-action lawsuit in early 2006.
Earlier this year American Italian, one of the largest pasta makers in North America, agreed to pay $25m to shareholders who are a part of the class-action lawsuit
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