PriceSmart Closes Chapter on Restatement

San Diego, PriceSmart has put an end to litigation related to its restatement of financial reports in late 2003. PriceSmart will pay $2.35 million to settle a shareholder lawsuit in federal court in California. The San Diego-based retailer said that about 80% of the settlement payment will be funded by the company’s insurance carrier. The retailer said the settlement does not constitute an “admission of liability” on the part of the company or its former officers. PriceSmart, a warehouse club operator, previously settled a separate federal court securities lawsuit and a state court shareholder derivative lawsuit. The company said the third settlement brings the litigation to a conclusion.