SearchMedia Holdings Limited, one of China's leading nationwide multi-platform media companies, today announced that it reached a tentative partial settlement agreement for a securities class action lawsuit pending against the Company and a number of its current and former directors, officers and employees.

The securities class action lawsuit was filed in the United States District Court for the Southern District of Florida (Murdeshwar v. SearchMedia Holdings Limited, et al., Case no. 1:11-cv-20549-KMW) against the Company and certain of its current and former officers and directors in relation to various disclosures regarding the Company's acquisition of SearchMedia International Ltd. and the financial condition of that company.

The partial settlement agreement is made on behalf of the defendants who served as directors and officers of Ideation Acquisition Corp. (the "Settling Defendants") without any admission of wrongdoing on the part of the Settling Defendants and provides for a settlement fund of $2.75 million, which the Company expects to be entirely funded by its insurance carriers. The partial settlement agreement remains subject to court approval and certain other conditions including execution of a stipulation of settlement, notice to class members, and an opportunity for class members to object or opt out of the settlement.

The securities class action lawsuit remains pending against other defendants who reside in China and who have not been served with the complaint and summons.

The Supreme Court is not immediately saying whether it will make an election-year determination on the constitutionality of President Barack Obama's health care overhaul.

Justices met in private conference Thursday to consider new cases to hear next year. Appeals surrounding the health care overhaul were on the list to be discussed, but there was no announcement as to whether the hot-button issue had even been discussed.

The next opportunity justices have to reveal when or if they will hear a health care overhaul appeal is on Monday.

Lower courts have ruled in conflicting ways on the new law and its requirement that individuals buy health insurance starting in 2014 or pay a penalty.

If the court decides to take the case, oral arguments could come as early as March.