People Express Settlement OKd: A judge approved...
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People Express Settlement OKd: A judge approved a $10.5-million settlement of suits brought by shareholders in People Express Inc., who charged that they were deceived about the airline’s financial condition before it nose-dived to failure in 1986. Under the settlement, Texas Air Corp., which bought People Express in September, 1986, as it teetered on the edge of bankruptcy, must provide a $3.5-million cash fund and $5 million in Continental Airlines notes to the shareholders.
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