Kahn Swick & Foti, LLC today announced that Judge Virginia M. Kendall of the U.S. District Court for the Northern District of Illinois, Eastern Division preliminarily approved a $1.5 million class action settlement to benefit purchasers of publicly-traded securities of Acura Pharmaceuticals, Inc. (NASDAQ: ACUR).

The judge's October 28, 2011, decision confirmed an earlier order upholding most claims. The court held that KSF shareholder client Robert Michael Shenk was not required to first make demand on the Board to bring the lawsuit, and that the majority of the claims were legally adequate as stated.

Finding that "Susman Godfrey and KSF have done substantial work in identifying and investigating potential claims in this action, and KSF filed the first Customer Case against Life Partners," Judge Barbara Lynn of the United States District Court for the Northern District of Texas appointed KSF Co-lead Counsel.

Judge Mark W. Bennett of the U.S. District Court for the Northern District of Iowa rules that “The plaintiffs’ Amended Complaint does adequately plead both a § 10(b)/Rule 10b-5 securities fraud claim and a § 20(a) “control person” claim.”

Sterling’s use of the 365/360 method to calculate interest on promissory notes was higher than that for which class members specifically bargained.