Majesco Entertainment settled three suits filed against it in a U...

private securities action filed by Trinad Capital Master Fund and a second action filed by Trinad in Majesco’s behalf. In the settlement, Majesco denied it acted improperly and said it was settling these matters “in order to eliminate the uncertainty, expense and distraction of further protracted litigation.” Under the class-action settlement, which requires notice of the shareholder class and court approval, Majesco’s insurance carrier will make a cash payment and the company will contribute shares of its common stock worth about $2.5 million, it said. The shares will be distributed to the settlement class when the settlement becomes effective, it said. The company had said it recorded a $2.5 million charge for the settlement, representing the expected value of the securities to be given the plaintiffs. The plaintiffs’ attorney fees will be paid from the settlement amount. The settlement of the private securities claim in the action brought by Trinad on its own behalf provides that Majesco’s insurance carrier will make a cash payment to Trinad, subject to final approval of the class-action settlement by the court. The settlement agreement in the action filed by Trinad on behalf of the company won’t result in any payment, Majesco said, adding that the plaintiff’s attorneys “will not receive any fees in connection with the settlement.” As a result of the suit by Trinad, Majesco took actions that it and Trinad believe will benefit Majesco shareholders and deal with some of the issues raised, the publisher said. That settlement is also subject to notice to the company’s shareholders and to court approval.