Miami, FL: (Jul-13-07) A class action lawsuit was filed against Florida East Coast Industries Inc. over a proposed merger with a an affiliate of fund manager Fortress Investment Group LLC. In a settlement reached, Florida East Coast, a company which is into railroad and real estate businesses, agreed to enter into a memorandum of understanding to settle the class action claims. As part of the settlement, Florida East Coast agreed to payout $1.5 million. In a filing with the US Securities and Exchange Commission, the company stated that the settlement of the consolidated class action will not affect the amount of the special dividend or the merger consideration to be paid in the merger. [
CNN NEWS: COMPANY MERGER]
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