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Technology Stocks : Loudeye Technologies, Inc. (LOUD)
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To: i-node who wrote (37)4/15/2005 5:03:18 PM
From: verdad  Read Replies (1) of 83
 
Form 10K filed with SEC 3/31/05

In March 2005, a proposed settlement initially structured in June 2003 among plaintiffs, issuer defendants, issuer officers and directors named as defendants, and issuers’ insurance companies, was approved by the Court. This proposed settlement provides, among other matters, that:

• issuer defendants and related individual defendants will be released from the litigation without any liability other than certain expenses incurred to date in connection with the litigation;

• issuer defendants’ insurers will guarantee $1.0 billion in recoveries by plaintiff class members;

• issuer defendants will assign certain claims against underwriter defendants to the plaintiff class members; and

• issuer defendants will have the opportunity to recover certain litigation-related expenses if plaintiffs recover more than $5.0 billion from underwriter defendants.

The final settlement terms as approved by the Court differ from the initial settlement proposal in that the settlement does not bar the defendant underwriters from bringing contractual indemnity claims against the issuer defendants, including Loudeye. Our board of directors approved the proposed settlement in August 2003 and is considering whether to approve the final settlement terms in March 2005. Management does not anticipate that we will be required to pay any amounts under this settlement; however, we can give no assurance that the underwriter defendants will not bring a claim for indemnification against us under the terms of the underwriting agreement relating to our initial public offering.
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