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Gateway pays up to settle suits

Gateway said late Friday that it will pay $10.25 million to settle a number of shareholder lawsuits. The deal, which still requires court approval, stems from a lawsuit filed during Gateway's fiscal 2000. Gateway said the settlement will be covered by the company's insurance and will not affect its financial position. "Although we feel these claims are without merit as evidenced by the recent dismissal of the original case by the Federal Court, settling this matter at this time and avoiding further prolonged litigation is in the best interests of our shareholders," Gateway CFO Joseph Burke said in a statement.

Gateway said late Friday that it will pay $10.25 million to settle a number of shareholder lawsuits. The deal, which still requires court approval, stems from a lawsuit filed during Gateway's fiscal 2000. Gateway said the settlement will be covered by the company's insurance and will not affect its financial position.

"Although we feel these claims are without merit as evidenced by the recent dismissal of the original case by the Federal Court, settling this matter at this time and avoiding further prolonged litigation is in the best interests of our shareholders," Gateway CFO Joseph Burke said in a statement.