Printing systems company Raster Graphics Inc., San Jose, CA, has announced that it has received final judicial approval to settle class action lawsuits pending against the company, and the ruling clears the way for Raster to merge with Gretag Imaging Group Inc., Regensdorf, Switzerland, an imaging and photofinishing equipment company.
Plaintiffs will receive $4.5 million under the settlement. Raster will pay only $850,000 of the total, and the company's insurance carrier is expected to pay the remainder. Raster had already placed the funds in an escrow account pending approval of the settlement. The U.S. District Court in the Northern District of California granted a final judgment and order of dismissal on Feb. 19, the company said.
Raster makes color printing systems for the on-demand, large-format color digital printing market. Settlement of the lawsuit is a condition to the planned merger between Raster and Gretag, originally announced Oct. 6. Raster mailed proxy statements on the merger to its shareholders, who are expected to vote on the merger at their annual meeting March 19.