Quest Resources Settles Investor Suits For $10M

Law360, New York (July 27, 2010, 1:46 PM EDT) -- Quest Resource Corp. and related energy companies have agreed to pay $10.1 million to settle numerous lawsuits investors filed to recover losses after Quest’s former CEO was charged with pilfering $10 million in company funds.

On Thursday plaintiffs in five lawsuits over Quest’s accounting fraud asked Chief Judge Vicki Miles-LaGrange of the U.S. District Court for the Western District of Oklahoma to preliminarily approve a global settlement that provides investor classes with roughly $9 million and sets aside another $1.1 million for institutional investors.

In addition...
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