Court OKs Greenfield's $4m settlement deal

US-- A court has approved Greenfield Online's $4m settlement with a group of shareholders who had accused the online fieldwork firm of making “materially false and misleading statements” about its performance in 2005.

The settlement dismisses all claims against the company, which is now owned by software giant Microsoft.

Greenfield had denied all allegations in the class actions lawsuit, but said it decided to settle as “further conduct of the action would be protracted and distracting”.

The $4m settlement will (after taxes, costs and attorneys' fees) be distributed to all identified members of the class – defined as those who bought Greenfield stock between 9 February and 29 September 2005.

Judge Vanessa Bryant said the court had found the settlement to be “fair, reasonable and adequate”. Lawyers for the shareholder group that sued the company previously described it as “an excellent recovery” for the class.

Author: Brian Tarran