Impath trust seeks approval for settlement on pending litigation

By Jennifer Chiou

New York, Nov. 17 - Impath Inc.'s bankruptcy liquidating trust and the company's former accountants said they have reached a settlement regarding pending litigation and applied for approval with the U.S. Bankruptcy Court for the Southern District of New York.

According to a news release, the settlement will expire on Dec. 29 unless approved by the court.

If the settlement is approved and there is no appeal, the liquidating trust anticipates making a cash distribution of about $1.00 per unit of class A beneficial interests on Jan. 10.

New York-based Impath provides products and services that help doctors diagnose and treat cancer. Impath filed for bankruptcy on Sept. 28, 2003. Its Chapter 11 case number was 03-16113.

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