Del Global settles class action

February 20, 2002

A U.S. District Court in New York has approved the terms of a settlement between Del Global Technologies and its shareholders, dismissing all claims against Del and other defendants without any findings of liability or wrongdoing

A U.S. District Court in New York has approved the terms of a settlement between Del Global Technologies and its shareholders, dismissing all claims against Del and other defendants without any findings of liability or wrongdoing by any party, according to the company. Under the court-approved agreement, members of the class action will receive $2 million in cash and $2 million of subordinated promissory notes due in five years bearing interest at 6% per annum. Class action litigants will also receive 2.5 million shares of Del common stock with warrants to purchase one million shares of Del's common stock exercisable at $2 per share, expiring six years from the date of execution. Del Global develops and markets stationary and portable x-ray systems, as well as radio-frequency, mammography, and dental imaging systems. The company also makes high-voltage power conversion subsystems for medical and industrial applications.