Twitter seeks to settle 2016 class action lawsuit for $800 million

Twitter Inc said on Monday it would pay $809.5 million to settle a shareholder class-action lawsuit accusing the social media company of deceiving investors about how often people used its platform.

The settlement resolved a case that had been on the verge of going to trial. Jury selection had been scheduled to begin on Monday, but at a September 17 hearing US District Judge Jon Tigar in Oakland, California postponed it until late November.

Twitter, former Chief Executive Officer Richard Costolo and former Chief Financial Officer Anthony Noto denied wrongdoing in agreeing to the settlement, which requires Tigar’s approval.