Cuomo Bridge Cost Case Ends in $7.5 Million Investor Settlement
“Granite Construction Co. will pay $7.5 million and adopt a series of oversight reforms to end shareholder litigation over claims that its board concealed hundreds of millions in overruns affecting four mega-projects, including the Mario Cuomo Bridge across the Hudson River, according to a court filing,” reports Mike Leonard in Bloomberg Law.
“The deal, disclosed Thursday, would resolve a derivative lawsuit accusing Granite’s leaders of using accounting tricks to hide nearly $1.4 billion in total overruns of which the company itself was responsible for $340 million after recklessly assuming the risk of any overruns or delays as part of its aggressive pursuit of the infrastructure jobs.”
