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Litigation Watch: NutraCea Class Action Settlement Goes Forward

November 16, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — NutraCea (NTRZQ.PK) said that the United States Bankruptcy Court for the District of Arizona has approved the settlement of the securities class action lawsuit against NutraCea and certain former officers and directors.

The order became final and non-appealable on November 11, according to NutraCea.

Under the terms of the agreement, a settlement fund for class members in the amount of $1.5 million will be paid by the NutraCea's insurance company, plus 50% of any funds remaining in the insurance policy after payment of all valid claims, as long as there is $150,000 or more of funds remaining in the policy.

Plaintiffs had been seeking damages against NutraCea and certain former officers and directors for alleged federal and Arizona state securities law violations. The settlement provides full and complete settlement for all claims against all defendants, according to the company.

Arizona-based NutraCea is engaged in production and utilization of stabilized rice bran.


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