On July 25, 2000, the court determined that the settlement is fair and reasonable to the class members and entered a judgment approving the settlement and dismissing the Colorado Litigations with prejudice. Subsequently, the Colorado state court entered a judgment dismissing the shareholder class action lawsuits pending in that court. The settlement provides that all defendants and related parties, including Samsonite and its officers, directors and shareholders, will be fully released from all claims that were asserted or could have been asserted in the Colorado Litigations (in which the federal securities complaint has been amended to include the claims asserted in the Delaware Litigation). All amounts to be paid pursuant to the settlement will be paid entirely by Samsonite's insurance carrier.
Between August 28, 1998 and November 12, 1998, twelve complaints were filed in
United States District Court for the District of Colorado against the Company,
certain officers and directors of the Company, and Apollo Advisors, L.P. and/or
Apollo Investment Fund, L.P. Most of the purported class actions sought to
maintain an action on behalf of a purported class consisting of purchasers of
Samsonite common stock during the period from June 4, 1997 to August 11, 1998.