Navistar International Corporation ("Navistar" or the Company) is a holding company whose subsidiaries and affiliates produce commercial and military trucks, buses, diesel engines, recreational vehicles, and chassis, as well as provide parts and service for trucks and trailers.

The original Complaint was filed on behalf of investors who purchased Navistar securities. The action was pending against Navistar, certain of its current and former senior management and Deloitte & Touche LLP, Navistar’s former outside auditing firm. The Complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

The Complaint alleges that the Defendants knowingly and fraudulently misrepresented Navistar’s financial results during the class period. When the truth began to be revealed to the market, beginning on December 14, 2005 and continuing through July 17, 2006, Navistar’s stock price fell from $30.28 to $20.95, a 30% drop.

According to the Order issued on March 18, 2008, the Court appointed Norfolk County Retirement System and Plumbers’ Local Union Number 519 Pension Trust as lead Plaintiffs and the Court further approved lead Plaintiffs' selection of Wolf Popper LLP and Coughlin Stoia Geller Rudman & Robbins LLP as co-lead Counsel. On May 5, 2008, the lead Plaintiffs filed a Consolidated Class Action Complaint. On July 7, 2008, the Defendant Deloitte & Touche LLP filed a motion to dismiss the Consolidated Class Action Complaint. That same day, the Navistar Defendant filed a motion to dismiss. On July 28, 2009, the Honorable Robert W. Gettleman granted Defendant Deloitte’s motion to dismiss but denied Navistar Defendant's motion to dismiss. On August 3, 2009, Defendant Deloitte filed a motion for Entry of Final Judgment. The motion was denied on November 17, 2009. The parties soon after engaged in discovery proceedings.

On January 14, 2011, the Plaintiffs filed a motion for preliminary approval of a settlement. The proposed settlement is in the amount of $13 million in cash, and will settle claims with the Defendants. The settlement was preliminarily approved on January 25, 2011. The final settlement hearing was scheduled for May 25, 2011.

On May 25, 2011, the Honorable Robert W. Gettleman approved the settlement and entered the order awarding attorneys' fees, reimbursement of expenses and awards to lead Plaintiffs.