Excerpt: "..A $3.1 billion settlement was approved Aug. 15, 1999 by the U.S. District Court for the
District of New Jersey in a securities fraud class action brought by three public retirement funds and
other investors against Cendant Corp. and the accounting firm Ernst & Young LLP (In re: Cendant Corp.
Securities Litigation, D. N.J. No. 98-1664 WHW, 8/15/00).
The settlement approved by District Judge William H. Walls calls for a payment to the class of just
over $2.85 billion by Cendant and, in the event Cedant recovers damages in its lawsuit against its
former accounting firm, Ernst & Young, the class is to receive 50 percent of any recovery obtained. In
addition, the settlement requires Ernst & Young to pay the class $335 million..."
