Quovadx To Settle Suit for $7.8M

Law360, New York (January 3, 2007, 12:00 AM EST) -- Software company Quovadx has reached a settlement in the last remaining of three legacy suits stemming from the company’s 2004 restatement of financial results.

Under the terms of a memorandum of understanding between Quovadx and the lead plaintiffs on December 26, Quovadx will shell out $7.8 million by January 15 to resolve the suit, which was originally lodged in Colorado in May 2004. The settlement agreement is still subject to court approval.

In exchange for that payment, the plaintiffs will release Quovadx from liability for claims...
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