American Tower Corp. reached a settlement in a securities class action filed in 2006.
The suit involved the company’s stock option granting practices and related accounting. The settlement is subject to approval by the court, it said.
The company will pay $14 million; claims against all defendants in the litigation would be dismissed. American Tower will continue talks with its insurers concerning the amount of their contribution to the settlement.
The firm owns and operates 22,500 broadcast and wireless communications sites in the United States, Mexico and Brazil, and 2,000 revenue-producing rooftop and tower sites.