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Virgin Galactic Receives Final Approval to Settle Derivative Claims

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Virgin Galactic (SPCE) said Tuesday it has been granted final approval by the U.S. District Court for the Eastern District of New York to resolve all claims pending in shareholder derivative actions in two lawsuits.

As part of the settlement, Virgin's insurers will pay about $2.8 million to the company, with half to be retained by Virgin and the other half to be paid to plaintiffs' counsel for attorneys' fees and costs, according to a statement.

Virgin said there was no finding of wrongdoing by the company or any of its directors or officers in relation to the settlement. All claims in the actions, as well as related claims based on their allegations, have been released.

Price: $3.08, Change: $-0.04, Percent Change: -1.28%

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