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Law360 reported in a March 8, 2013 article that Oilsands Quest Inc., and its consultant and Venable client, McDaniel & Associates Consultants Ltd., reached a proposed preliminary $10 million settlement with investors on Thursday, March 7. The proposed settlement, which was preliminarily approved by a New York federal judge, stems from a lawsuit filed by investors who accused Oilsands of overstating its asset valuations by more than $136 million.

Both parties agree that the settlement is fair, reasonable and adequate, according to the settlement agreement. A hearing is scheduled for June 14 to determine whether the proposed settlement of the litigation should be approved as reasonable and whether the litigation should be dismissed with prejudice, according to the judge’s order preliminarily approving the settlement.

McDaniel & Associates Consultants Ltd. is represented by partner Matthew McLaughlin and associate David Cinotti.