A settlement has been reached and is pending court approval in the class action lawsuit filed against Homestore Inc. by the California State Teachers' Retirement System. Under the terms of settlement, Homestore will pay $13 million in cash, and issue 20 million new shares of Homestore common stock, valued at approximately $50.6 million, to members of the class. In addition, Homestore will implement certain corporate governance provisions designed to enhance shareholder interests. (Aug-13-03) [ BUSINESSWIRE ]
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