Turkcell settles US shareholder suit

Turkcell said on Tuesday a U.S. federal judge has approved its proposal to pay $19.2 million to shareholders to settle a class-action lawsuit.

Plaintiffs launched the lawsuit in November 2000 in New York, accussing Turkcell of misrepresenting its subscription numbers at the company’s initial public offering on the New York Stock Exchange (NYSE). Turkcell is the only Turkish company listed on the NYSE.

"Under the terms of the settlement, all claims against the company have now been dismissed without admission of liability of wrongdoing. The shareholder class is receiving a cash payment of $19.2 million," Turkcell said in a press release.