Chinese Co. Wants $7M Securities Settlement OK'd

Law360, New York (June 25, 2013, 5:04 PM EDT) -- Chinese project finance company RINO International Corp. asked a Nevada federal judge Monday to approve a $7 million settlement of a consolidated shareholder derivative suit, an agreement that partially puts to rest years of litigation accusing executives of spending millions in securities offerings for luxury purchases.

The settlement, which was reached in April 2012 and preliminarily approved a year later, all but ends several claims against the holding company and its co-founders, Dejun “David” Zou and board chairman Jianping “Amy” Qiu, who allegedly used the proceeds...
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