News: Sigma settles class action

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Sigma Pharmaceutical Limited (ASX:SIP) has reached a settlement agreement in relation to a class action launched on behalf of shareholders in October 2010.



The pharmaceutical company has agreed to pay $57.5 million to cover the claim, interest, litigation costs and applicant legal fees.



Provided over 50 per cent of the claimants agree with the settlement amount, the class action will be dismissed without any admitted liability by Sigma.



Sigma will record the settlement figure as a material item in its full year results for fiscal 2013.



The company says the decision will not impact its share buy back plan announced last month or future dividend payments.



Sigma posted a net profit of $26 million in fiscal 2012.