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Securities Settlement



Ridgeland, MS: (Nov-15-07) A securities class action lawsuit was brought against Flight Safety Technologies in a US District Court. Company spokespersons stated that Flight Safety Technologies had reached a settlement in principle with the plaintiffs, agreeing to make a one time settlement payment of $1.2 million to the plaintiff class. The payout will be made by or on behalf of the defendants. According to sources, the company will contribute $135,000 of the $1.2 million settlement. The rest will be covered by the company's liability carrier. In agreeing to settle, the company did not admit any liability or wrongdoing, but settled to avoid the costs and risks of protracted litigation. Under the terms of the agreement in principle, all claims against all of the defendants will be dismissed without presumption. [TRADING MARKETS: SECURITIES SETTLEMENT]


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