Lawyers acting for a pension fund representing workers in Aberdeen, Aberdeenshire and Moray have secured a £343million settlement from US sportswear company Under Armour.
The North East Scotland Pension Fund (NESPF) administers a scheme for 71,000 workers including Aberdeen, Aberdeenshire and Moray council staff.
The fund invested millions of pounds in Under Armour stock but accused the firm of making false statements about its products after losing money.
The BBC says that the proposed settlement, pending court approval, comes weeks before a jury trial was due to begin in the USA.
NESPF has been acting as the lead plaintiff in a class action against Under Armour.
A class action is a type of lawsuit where one plaintiff brings forward the claim on behalf of a larger group of people who have suffered a similar loss.
The lawsuit was handled by the US firm Robbins Geller Rudman and Dowd LLP.
Mark Solomon, a partner in the firm and counsel to the NESPF as lead plaintiff, told the BBC: “This is an important win for investors and a strong message to the directors and officers of public companies.
“Prior government enforcement efforts yielded a modest $9m penalty. Obtaining a recovery almost 50 times greater underscores the critical role pension funds can play in holding companies accountable."