Plaintiffs in a securities fraud class action have finalized a significant $3.5 million settlement in litigation against Tarena International Inc., a Chinese-headquartered educational services company. This milestone was reached after a federal judge approved the final settlement agreement and certified the class. Judge Pamela K. Chen of the US District Court for the Eastern District of New York described the unopposed plaintiffs’ motion as “fair, adequate, and reasonable.”
As part of the settlement, each qualified class member is set to receive approximately $5,040, excluding accrued interest on the litigation expenses. With 435 valid claims, the impact of this settlement is widespread among the investors involved.
The class reactions to the payouts in the Tarena case have been “well-received,” reflecting a satisfactory conclusion for the claimants. The class representatives were deemed “adequate” by the court, further sealing the effectiveness of this class action settlement process.
For more detailed information, you can read the full article on Bloomberg Law.