June 16, 2003

Monday Morning Settling

Nanonphase Technologies Corp. (Nasdaq: NANX) and Cutter & Buck Inc. (Nasdaq: CBUK) have agreed to settle the securities class actions pending against them.

Nanophase will pay $2.5 million to settle claims arising from the Company's public disclosures in 2001 regarding its dealings with Celox, a British customer.

Cutter & Buck will pay $4 million in cash, plus an additional $3 million based on a formula applied to any recovery of funds from its ongoing suit against its D&O insurer (who has evidently sought to rescind its policy). The settlement also covers a separate derivative suit and includes the implementation of certain corporate governance policies.

Posted by Lyle Roberts at June 16, 2003 12:30 PM | TrackBack
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