Judge OKs $10.2M Settlement In Oilsands Investor Suit

Law360, New York (August 2, 2013, 6:55 PM EDT) -- A federal judge on Friday gave approval to a $10.2 million settlement to end an investor class action alleging that Oilsands Quest Inc. and its directors overstated asset valuations by $136 million.

Under the deal approved by U.S. District Judge Jed S. Rakoff, lead lawyers for investors at Scott & Scott LLP will get $2.8 million in fees. Former Oilsands Quest consultant McDaniels & Associates Consultants, another defendant, will contribute $35,000 to the settlement.

Investors claimed in the lawsuit that Alberta, Canada-based Oilsands Quest overstated the...
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