RYANAIR WELCOMES SETTLEMENT OF US CLASS ACTION
Source: RNS
RYANAIR WELCOMES SETTLEMENT OF US CLASS ACTION FOLLOWING MEDIATION
Ryanair Holdings Plc today (7th June) confirmed that the US Class Action launched by the City of Birmingham Pension Fund in Nov 2018, has been settled following recent mediation between the parties. This settlement came after the US District Court in 2020 dismissed many of the claims made by the plaintiff, considerably narrowing the grounds for action.
A spokesperson for Ryanair welcomed this settlement. The total settlement amount is $5m, which is considerably less than the legal costs that would have been incurred had this action gone all the way to trial. Ryanair contends there was no lawful basis for this claim, but that the settlement is in the interest of all shareholders due to the very modest settlement amount.
The final settlement agreement will be subject to approval by the Court.
ENDS
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