LDK Solar just announced that it has settled a class action lawsuit that had been brought against the company in the U.S. District Court of Northern California. The settlement is not yet final but has received preliminary approval from the court.
In the settlement, LDK is not admitting wrongdoing, but the company and its insurance carrier will compensate the class members to the tune of $16 million.
In a press release, Xiaofeng Peng, Chairman and CEO of LDK Solar, commented on the news:
“After more than a two year-period of litigation, LDK Solar believes the settlement is in the best interest of the Company and its shareholders. The resolution of this matter puts the litigation behind us and reduces the Company’s ongoing legal expenses.”