Bloomberg reports that the AT&T securities class action, which for three weeks has been proceeding before a federal jury in Trenton, NJ, has settled for $100 million. In a press release, AT&T stated that "The lawsuit sought damages of approximately $2.4 billion for purchasers of AT&T common stock from December 6, 1999 to May 1, 2000. Under the settlement, AT&T has agreed to pay the class $100 million, about four percent of the amount being sought at trial."

In its own press release, lead plaintiff New Hampshire Retirement System stated that the settlement includes numerous governance reforms:

The corporate governance enhancements include, among other things, a requirement that a super-majority of its board directors be certified to be independent from management and other conflicts of interest; that the board's compensation, audit and governance and nominating committees be comprised solely of non-management members; that these monitoring committees be empowered with greater oversight responsibilities over company management, and authorized to retain their own legal and other advisors, independent of management, and reporting directly to the non-management directors.