A judge has granted preliminary approval to a $9 million settlement of a class action lawsuit filed against certain former executives of A&P by pension funds alleging that the retailer failed to adequately disclose its financial condition prior to its 2010 bankruptcy.
The order, filed this week in U.S. District Court in Newark, N.J., approves terms of a settlement reached in May between plaintiffs led by City of New Haven Employees' Retirement System and Plumbers and Pipefitters Locals 502 & 633 Pension Trust Fund and defendants Christian Haub, Eric Claus, Brenda Galgano and Frederic Brace. Haub and Claus are former CEOs of the company; Galgano was a former CFO; and Brace a former chief administrative officer.
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The defendants admitted no wrongdoing as part of the settlement.
The case was initially filed in 2011, and amended as parts were dismissed, including charges against two additional former CEOs, Ron Marshall and Sam Martin, as well as former chairman Ron Burkle and investor Yucaipa Cos.
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