Louisiana-Pacific Settlement Approved

A federal judge tentatively approved a $65 million settlement of a shareholder class-action lawsuit against Louisiana-Pacific Corp. over faulty house siding.

The lawsuit alleged the company and four top executives violated securities laws by failing to disclose the defects and exposed the company to million of dollars in liability by continuing to sell the siding.

Following the approval Wednesday by U.S. District Judge Robert E. Jones of Portland, company shareholders will have until Jan. 15 to file any objections to the proposed settlement.

Shareholders have until March 15 to file claims to share in the settlement, which was reached in October. Louisiana-Pacific has already agreed to pay as much as $425 million to settle a class-action suit brought by homeowners.