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Source:	Associated Press
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TORONTO_Canada-based organic foods producer SunOpta Inc. said Thursday it has agreed to settle class action lawsuits filed by shareholders for about $11.25 million to be paid by an insurer.

The company does not admit any wrongdoing related to an estimated $9 million to $11 million write-down, it said in a statement. The charge was disclosed in January 2008 and stemmed from overstated inventories in the company's fruit business that dragged down its profit results for 2007.

The suits were brought by shareholders who bought shares between Feb. 23, 2007 and Jan. 27, 2008. The were filed in both the Southern District of New York and the Ontario Superior Court of Justice.

An insurer will pay all the money SunOpta has pledged for the settlement.

SunOpta shares fell 5 cents to $3.81 in late trading.



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