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Court Issues Approval Of Nanophase’s Settlement

Published November 14, 2005
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The U.S. District Court for the Northern District of Illinois ordered final ap-proval of a $2.5 million settlement of a securities class action lawsuit filed against Nanophase Technologies Corp., Romeoville, IL, and current and former officers after a hearing on Dec. 1.

The suit arose from plaintiffs’ allegations concerning the company’s public disclosures regarding its dealings with Celox, a British customer. Under the terms of the settlement, all claims against all defendants, without any admission of liability or other wrongdoing by any party were approved. Nano-phase also filed a separate suit against Celox, which resulted in a $400,680 judgment in Nanophase’s favor.

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