A federal judge has approved a $65 million settlement in a class-action lawsuit filed against Louisiana-Pacific Corp. by shareholders.
The case consolidated about 10 lawsuits filed on behalf of investors who bought shares of the Portland-based company’s stock from Oct. 19, 1993, to May 24, 1995.
Shareholders claimed that L-P misrepresented its potential liability for producing house siding known as Inner-Seal. The imitation cedar siding absorbs water, rots and deteriorates prematurely.
Lawyers for the company and shareholders reached a preliminary agreement Nov. 22. Plaintiff’s attorneys in December mailed notices of the tentative agreement to 114,000 shareholders. They have until March 15 to file claims to share in the settlement.
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