According to the docket, on October 4, 2000, U.S. District Judge Daniel T. K. Hurley granted the motion for settlement distribution. Earlier, on February 17, 2000, the case was ordered closed soon after the February 14, 2000, Final Judgment and Bar Order, adopting the report and recommendation by Magistrate Linnea R. Johnson to grant final approval to the settlement and certify the class action. The Plaintiffs' Counsel was awarded Attorneys' Fees of $255,000, which represents 30% of the Settlement Amount, plus interest from entry of such order, and Expenses of $46,534.43, plus interest. According to Saf T Lok’s Form 10-QSB-A for the Quarterly Period Ended March 31, 2000 as Amended March 26, 2001, settlement of the case was $850,000 payment to the plaintiffs, paid by the Company's insurer.
The original complaint charges Saf T Lok and certain officers and directors of the Company during the Class Period with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 for misrepresenting material information concerning Saf T Lok's financial condition, including the efficacy of a product development agreement announced on May 26, 1998 with Semiconductor Laser International Corp. ("SLIC") to produce a laser enhanced fingerprint recognition gun locking mechanism (the "SLIC Development Agreement").