Plaintiff reaches proposed settlement with Invacare
NEW YORK – The lead plaintiff in a class action lawsuit against Invacare has reached a proposed settlement of $11 million in cash, according to a statement from lead counsel Bernstein Litowitz Berger & Grossman.
A hearing for Government of Guam Retirement Fund et al vs. Invacare will be held Nov. 9 before Christopher Boyko in the U.S. District Court, Northern District of Ohio, Eastern Division in Cleveland.
Boyko will determine whether the proposed settlement should be approved as fair, reasonable and adequate; whether the action should be dismissed with prejudice against defendants and the releases specified and described in the stipulation and agreement of settlement should be granted; whether the proposed plan of allocation should be approved as fair and reasonable; and whether the application for an award of attorneys’ fees and reimbursement of litigation expenses to be filed on behalf of lead counsel Bernstein Litowitz Berger & Grossman and local counsel Climaco, Wilcox, Peca, Tarantino & Garofoli should be approved.
The lead plaintiff in the lawsuit alleges that the defendant made false and misleading statements about violations of FDA regulations and current Good Manufacturing Practices.