SumTotal Settles Shareholders' Fiduciary Duty Suit

Law360, New York (July 17, 2009, 1:33 PM EDT) -- SumTotal Systems Inc. has settled a breach of fiduciary duty shareholder lawsuit over a merger agreement that subsequently was terminated in favor of a better offer, the California e-learning company told securities regulators.

The company entered into a memorandum of understanding with plaintiff Lief Irgens in the Superior Court of Santa Clara County, Calif., it told the U.S. Securities and Exchange Commission on Wednesday.

The company agreed, pursuant to the settlement, to make certain disclosures about its merger with an affiliate of Vista Equity Partners Fund...
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