Interpublic Settles Shareholder Suits

  • December 5, 2003
The Interpublic Group has reached an agreement to settle the consolidated class action shareholder suits currently pending in federal district court in New York. Interpublic is also working towards a settlement of the other pending lawsuits relating to the 2002 earnings restatements as part of this same settlement package. Under terms of the proposed settlement, Interpublic will pay $115 million, of which $20 million will be cash and $95 million will be common stock of Interpublic. The shares to be disbursed will be valued at $14.50 per share. The company will distribute to the class 6,551,725 shares of Interpublic common stock.
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