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CONE MILLS RECEIVES FAVORABLE RULING IN CLASS ACTION SUIT

 GREENSBORO, N.C., Sept. 23 /PRNewswire/ -- In an opinion released yesterday by the United States Court of Appeals for the Fourth Circuit, the court ruled in favor of Cone Mills Corporation (NYSE: COE) in a five- year old class action suit challenging certain actions taken by Cone with respect to its benefit plans at the time of the company's 1984 leveraged buyout. In a 2-1 decision, the Court of Appeals reversed a $15.5 million judgment which had been entered against the company by the United States District Court in South Carolina. Because the company had not accrued the District Court judgment, there will not be any material impact on the company's financial results of operations.
 -0- 9/23/93
 /CONTACT: E. Frank Fary, Jr., Manager, Public & Community Relations, Cone Mills Corporation, 919-379-6251/
 (COE)


CO: Cone Mills Corporation ST: North Carolina IN: TEX SU: LEG

DF -- CH012 -- 5346 09/23/93 15:50 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
Words:154
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