IOMEGA SETTLES CLASS ACTION SHAREHOLDER SUIT

Iomega Corp has settled that class action shareholder suit that alleged the company gave inadequate warning of an impending downturn in the Orem, Utah firm’s business in 1986: Iomega will settle with 1.2m new shares, and a phased $1m in cash; it will have to take a $7m charge to cover the costs with its next set of quarterly figures.

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