Lockheed agrees to $19.5 mln class-action accord -court papers

Wed Feb 20, 2013 9:42pm IST

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Feb 20 (Reuters) - Lockheed Martin Corp has agreed to pay $19.5 million to settle a securities fraud class-action lawsuit accusing it of misleading investors about the expected performance of its information technology division, according to court papers.

The settlement, which requires a judge's approval, was detailed by the plaintiffs in papers filed in U.S. District Court in New York late Tuesday.

The accord would resolve more than two years of litigation by shareholders who blamed the company's alleged misstatements for a decline in Lockheed's stock price.

Kelli Raulerson, a spokeswoman for Lockheed, and Samuel Rudman, a lawyer for the plaintiffs at Robbins Geller Rudman & Dowd, both declined comment on Wednesday.

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