On September 26, 2008, the parties reached a settlement of this action, whereby defendants agreed to pay $3,450,000.00 to class members. On October 8, 2008, the Court granted preliminary approval of the settlement and scheduled a Settlement Hearing for December 18, 2008 at 3:00 p.m. in Courtroom 14C of the United States District Court for the Southern District of New York, 500 Pearl Street, New York, New York, 10007, to determine whether: (a) the proposed settlement should be approved as fair, reasonable and adequate; (b) the Plan of Allocation of the settlement fund should be approved; and (c) to award attorneys? fees and reimbursement of expenses to Lead Counsel in the amounts requested. The terms of the settlement are set forth in the Notice of Class Action, Proposed Settlement, and Final Hearing. To view documents relating to the case and settlement, please click the ?Loral Space & Communications, Ltd.? link on the right.