By Katryna Perera (October 21, 2021, 3:19 PM EDT) — A proposed class of investors asked for preliminary approval Wednesday of a $1 million settlement they reached with India Globalization Capital over claims the company misled investors about plans to manufacture a CBD energy drink in Malaysia even though cannabis production is illegal in the country.
In their motion for preliminary approval, filed in Maryland federal court, the investors said the parties reached the settlement agreement after two mediation sessions at different stages of the litigation. The first mediation session occurred in 2019, and the second took place in April of this year, according to the motion.
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