Oilsands Quest Reaches $10M Accord In Shareholder Suit

Law360, Los Angeles (March 8, 2013, 3:25 PM EST) -- A New York federal judge on Thursday preliminarily approved a settlement for more than $10 million in an investor class action against Oilsands Quest Inc. and its former top brass, in which the investors accused the company of overstating asset valuations by more than $136 million.

The proposed settlement comes more than four months after U.S. District Judge Jed S. Rakoff lifted a stay of the U.S. case, allowing investors to pursue a lawsuit in which they claimed that Oilsands Quest’s overstatement of asset valuations led...
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