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Shareholders Seek OK For $20M Deal In ProQuest Suit

Law360 (March 20, 2009, 12:00 AM EDT) -- Plaintiffs in a proposed shareholder class action against Voyager Learning Co., formerly known as ProQuest Co., are seeking court approval for a $20 million settlement resolving claims stemming from an accounting fraud scandal from 2001 to 2006.

In a motion filed Thursday in the U.S. District Court for the Eastern District of Michigan, shareholders said the settlement provided a good recovery for the proposed class considering the risks of pursuing the litigation further.

“This settlement comes after nearly three years of litigation and extensive settlement negotiations...
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