Settlement broached in IKO suit

TORONTO — A proposed settlement has been reached in a national lawsuit against IKO Industries Ltd., Canroof Corporation Inc., and I.G. Machine. The class action alleges that IKO Organic Shingles were negligently designed and manufactured in a manner that, under normal conditions and usage, would result in premature failure. The three defendant corporations deny these allegations, but have agreed to pay $7.5 million to resolve class member claims. The agreement remains subject to court approval, with a hearing to be held in May.