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Corel settles suit, looks for CFO

Software maker Corel announced on Monday that it has settled a shareholder lawsuit. Filed on behalf of investors, the suit alleged that Corel and former CEO Michael Cowpland made misleading statements about the company's financial performance for the quarter that ended Nov. 30, 1999. Terms of the settlement, which does not acknowledge any wrongdoing and will be funded out of existing insurance benefits, were not disclosed. Corel said that it would not affect the company's financial condition.

Corel also announced that Martin Catto, who joined the company as interim chief financial officer last September, has left the company to resume his consulting career. Joel Price, the company's vice president of finance, will assume the role of interim CFO as the company searches for a permanent replacement. Corel's board of directors announced earlier this month that they had agreed to a $97.6 million takeover bid from San Francisco-based venture capital firm Vector Capitol.