Hedge funds that invested in an obscure bond of General Motors Corp.’s old businesses won approval of a settlement that will give some of them 1.8 times the return of other creditors and resolve disputes over how they acted on the eve of the automaker’s collapse, Bloomberg News reported yesterday. Bankruptcy Judge Robert Gerber yesterday approved a settlement that gives the holders of notes in GM’s Nova Scotia unit a $1.55 billion claim in the bankruptcy. Some, including Fortress Investment Group LLC and Elliott Management Corp., have already received a share of a $367 million cash payment made to holders of the notes, which have a face amount of $1 billion.
