ODMO Odimo Inc (CE)

Item 8.01 Other Events.

On September 25, 2007, the Circuit Court of the 17th Judicial Circuit in and for Broward County, Florida entered its Final Judgment and Order of Dismissal With Prejudice which, among other things, approved the previously disclosed Stipulation of Settlement for the settlement of litigation pending against Odimo Incorporated ("Odimo"), Alan Lipton and Amerisa Kornblum by a purported class of purchasers of Odimo common stock in or traceable to Odimo's initial public offering (the "Settlement"). The Settlement, among other things, provides for the payment of $1.25 million by the defendants to a class of purchasers who purchased Odimo common stock in Odimo's February 15, 2005 initial public offering through August 15, 2005. All amounts payable by defendants have been paid by defendants' insurers. In connection with the Settlement, plaintiffs have released and relinquished all claims against Odimo, Mr. Lipton and Ms. Kornblum. Odimo, Mr. Lipton and Ms. Kornblum denied and continue to deny all of the claims and contentions as well as all charges of wrongdoing and liability made against them by plaintiffs in the litigation.