Nanonphase Technologies Corp. (Nasdaq: NANX) and Cutter & Buck Inc. (Nasdaq: CBUK) have agreed to settle the securities class actions pending against them.
Nanophase will pay $2.5 million to settle claims arising from the Company’s public disclosures in 2001 regarding its dealings with Celox, a British customer.
Cutter & Buck will pay $4 million in cash, plus an additional $3 million based on a formula applied to any recovery of funds from its ongoing suit against its D&O insurer (who has evidently sought to rescind its policy). The settlement also covers a separate derivative suit and includes the implementation of certain corporate governance policies.
The 10b-5 Daily 