The Globalstar Securities Litigation that went to trial July 6 (discussed in this post) settled late Sunday night, July 17. The case, which was proceeding only against Loral Space Communications CEO Bernard Schwartz (Loral apparently owned part of Globalstar) due to the bankruptcies of the corporate defendants settled for $20 million according to a lawyer from the plaintiffs' law firm, Cohen, Milstein, Hausfeld & Toll. The case settled midway through the defense's case.
The plaintiffs reportedly put on 10 "witnesses": two live witnesses (the lead plaintiff and a damages expert), one by videotape, and seven via deposition transcript. The defense had gotten through two witnesses--the COO and CFO of Loral--when the case settled. CEO Schwartz and a damages expert were also lined up to testify for the defense but did not following the settlement reached over the weekend.