Fort Lauderdale, FL: (Feb-07-08) A securities class action lawsuit was brought against GlobeTel Communications Corp. followed by a shareholder derivative action filed against certain of its current and former directors and officers, alleging that the company failed to adhere to certain corporate governance policies and practices. Sources close to the case stated that a settlement has been reached, and that the US District Court for the Southern District of Florida has granted final approval to the deal, resolving litigation.
Company sources stated that the settlements allow for a $2.36 million cash payment by GlobeTel's insurance carrier to fund the settlements, together with GlobeTel's agreement to adhere to certain corporate governance policies and practices. Following the payout, all claims in the two lawsuits have been fully settled and dismissed with prejudice by the court. [