Bankrupt RadioShack has settled a lawsuit over some $40 million in unredeemed gift cards, The Wall Street Journal reported. At a hearing Wednesday, a lawyer for the company called the settlement favorable to gift-card holders. The lawsuit had threatened to derail the company’s bankruptcy proceedings, the newspaper said. RadioShack filed for Chapter 11 in February, and in March some of its assets were sold to hedge fund Standard General, saving a few retail stores that shared space with Sprint wireless carrier.
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