Court Approves $145 Million Apollo Settlement

A U.S. District Court in Arizona last week approved a $145 million payment by Apollo Group, Inc., to settle a class action lawsuit, according to a corporate disclosure. Originally filed in 2004, lawyers for shareholders had alleged that company officials made misleading statements about a Department of Education investigation of student recruiting practices at the University of Phoenix. The court dismissed the securities-fraud verdict against Apollo and former company officials as a result of the settlement.