Medical isotope developer IsoRay said a federal court has approved the settlement of a class-action shareholder lawsuit against the company.
The U.S. District Court for the Eastern District of Washington approved the settlement, in which the company's insurer, D&O Insurance, will pay $3.5 million to members of the settlement class, less attorneys' fees and costs to the plaintiff's counsel, the company said. The claims against IsoRay will be dismissed with prejudice and released, and every member of the settlement class is barred from asserting any claims alleged in the complaint or arising from the complaint in the future.
IsoRay denies the claims alleged by the plaintiffs but has settled the suit to eliminate the uncertainty, distraction, burden, and expense of future litigation, it said.
