Faro Tech. Strikes $7M Class Action Settlement Deal

Law360, New York (February 28, 2008, 12:00 AM EST) -- Faro Technologies Inc. has struck a deal to resolve consolidated securities fraud litigation pending against the company for $6.9 million, but Faro and the three individual defendants named in the matter won't have to pay any money because the settlement is covered by insurance, the company said.

On Wednesday, U.S. District Judge Ann C. Conway granted a joint motion for a stay submitted by Faro and lead plaintiff Kornitzer Capital Management a day earlier. The motion asked Judge Conway to put the litigation in a holding...
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