Assisted Living Concepts Inc.

The company has settled, along with its co-defendants, a securities class action lawsuit. The settlement is worth $30 million, with Assisted Living paying $10 million, its insurance company paying $19 million, and another group paying the remainder. The lawsuit was filed against Assisted Living over restatements of their financial situations in 1996, 1997 and 1998. The settlement covers anyone who had bought Assisted Living Concepts Inc. stock between 1997 and 1999. One of the most prominent plaintiffs was the Miami Police Relief and Pension Fund. The settlement ends all cases against the company except for those filed against the company's auditor, KPMG Peat Marwick LLP. (Sept-05-00) [PORTLAND BUSINESS JOURNAL]