Minneapolis, MN: (Jul-10-07) A class action securities fraud lawsuit was brought against Navarre Corp., a publisher and distributor of physical and digital home entertainment and multimedia products, and certain of its current and former officers and directors. The company as well as the individual defendants have steadfastly maintained that the claims raised in the class action litigation were without merit and have strongly contested those claims. As part of the settlement reached, the company agreed to establish a fund, that will pay claims of class members and the fees of plaintiffs' attorneys. This fund will be created with amounts paid primarily by the company's insurance carrier and without any contribution by the company or the individual defendants. Accordingly, the settlement will not have an impact on the company's earnings or cash balances. In agreeing to the settlement, the company and other defendants did not accept any liability or wrongdoing. [
CNN NEWS: NAVARRE SECURITIES]
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