A sweeping class-action lawsuit brought against some of Wall Street’s leading investment banks in the wake of the dotcom bust ended in anti-climax on Tuesday, after a US judge approved a settlement that will cover only 1 cent for each dollar of losses investors suffered.

The resolution of the eight-year-old case, which will result in 55 banks that acted as underwriters to initial public offerings by technology companies paying out $586m, brings the curtain down on an historic stock market fiasco.