Payment resolves litigation concerning alleged failure to redeem shares.Biometric identification solutions developer Bio-key International Inc. (OTC Bulletin Board: BKYI), in Wall, said it settled a lawsuit brought by Longview Special Finance Inc. and Longview Fund LP. The Longview parties sought $2.89 million in damages, plus interest and legal fees, from the company.
The litigation, filed in February, alleged failure on Bio-key’s part to redeem shares of convertible preferred stock held by Longview. Per the settlement, Bio-key agreed to pay $2.17 million to the Longview parties, half of which was paid Tuesday. Full payment is required by Oct. 30.
Longview agreed to relinquish all of its shares upon final payment.
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