LJ International Inc. (LJI) (NASDAQ:JADE), a leading jewelry manufacturer and retailer, has received, as expected, the final approval of its settlement reached earlier this year with the lead plaintiff in a class-action lawsuit filed against the Company in 2007.
The order of final approval of the class action settlement was issued on October 19, 2009 by the U.S. District Court for the Central District of California. The order approves a preliminary settlement between LJI and the lead plaintiff, under which LJI will create a settlement fund of $2 million in cash, to be funded entirely by its insurer. As part of the settlement agreement, all claims alleged in the lawsuit are dismissed with prejudice and LJI is released from liability for all such claims.
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