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Shareholder lawsuit against iStar Financial settled for $29 million

Reuters (9/11, Stempel) reports that the New York finance company iStar Financial Inc. has agreed to a $29 million settlement of a lawsuit in which the firm was accused of concealing the impact of deteriorating credit market conditions from investors who were participating in a 2007 stock offering. Reuters notes that according to settlement papers, $27 million will be paid by insurers on behalf of both the company and specific iStar officials, while iStar will pay $2 million. The story notes that iStar continues to deny the allegations brought by the plaintiffs.