Livent Investors Win $23.3 Million Settlement

Investors in Livent the former theatrical producer headed by Garth Drabinsky, have won a $23.3 million settlement against the company. The judgment “settles a six-year-old lawsuit filed by 200 investors who bought $125 million in corporate bonds offered in late 1997 by Livent, which had produced musicals including “Ragtime” and “Showboat” on Broadway in the 1990’s. Less than a year after issuing the bonds, however, Livent – a publicly held company – announced that it had discovered substantial accounting irregularities and declared bankruptcy.”