SkillSoft, the US e-learning firm that merged with the Irish firm SmartForce, has agreed to pay $32 million to settle a class action lawsuit filed against the company in 1998.
The suit, filed in US District Court for the Northern District of California, claimed the company violated federal securities laws.
"Our board of directors concluded it was in the best interest of our shareholders to resolve the case and focus our attentions on growing our business," said Mr Chuck Moran, SkillSoft president and chief executive officer, in a prepared statement.
Under the terms of the settlement, SkillSoft will pay $10 million cash within 30 days and an additional $6 million payment in mid-2004. The company's insurance carriers will pay an additional $16 million for total settlement payments of $32 million.
The company's North American operations are based in Nashua, New Hampshire, and its international base is based in Dublin .