Montréal-based Lightspeed Commerce is admitting no liability in the proposed settlement of a 2021 class-action lawsuit alleging it misrepresented financial reports.

The proposed settlement will see the defendants, which include Lightspeed, some of its leaders, and its auditor PricewaterhouseCoopers, pay out $11 million without any admission of liability.

Settlement follows the dismissal of a similar case against Lightspeed in the Eastern District of New York earlier this year.

The settlement was proposed in June and is subject to the approval of a Superior Court of Québec judge at a Nov. 21 hearing in Montréal. The class-action’s lawyers will also ask the court to approve their previously agreed-upon legal fees. Those fees represent one third of the settlement amount, plus disbursements

See Full Page