Albany, N.Y. (May 27, 2004) -- PricewaterhouseCoopers agreed to pay $50 million to settle claims from a class-action securities fraud lawsuit brought by New York State relating to the firm’s role as outside auditor of Raytheon Co.
The deal comes on the heels of a settlement announced earlier this month, in which Waltham, Mass.-based Raytheon agreed to pay $210 million in cash and $200 million in warrants to settle the claims against it and its former executives, including former chairmen and chief executives Dennis J. Picard and Daniel P. Burnham, in the same action. If approved, the New York State Comptroller’s Office said that the $460 million total settlement would be the sixth largest settlement in securities class-action history.
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