from SEC Filings: On August 4, 2011, TaxMasters, Inc. (TAXS) and the Minnesota Attorney General (the “AG”) reached a settlement regarding all the AG's claims brought in December 2010. The final agreement between TaxMasters, Inc. and the AG is reflected in a consent judgment approved by the court on August 8, 2011. The settlement agreement includes terms of an injunction and provides for the payment of a total of $500,000 to be paid out over 28 months.
Management determined that a reasonable and expeditious solution to the AG’s claims was in the best interest of all the parties. By agreeing to settle the litigation, TaxMasters made no admission of liability to any of the AG’s allegations.