Red Hat to pay $8.8M to settle class action suit

Software company Red Hat Inc. will pay $8.8 million to settle a class action lawsuit related to the restatement of financial results from July 2004.

Red Hat said Tuesday that it reached the proposed settlement agreement and recorded a one-time charge of $8.8 million for the quarter that ended Nov. 30. The agreement still needs court approval.

The suit had been pending in a U.S. District Court in North Carolina.