August 2, 2013 - The court approved the settlement.
June 14, 2013 - The court held a final settlement hearing.

March 7, 2013 - The settlement was preliminarily approved by the court.

March 4, 2013 - Parties filed a revised stipulation of settlement.

September 16, 2011 - The court granted the motion to dismiss of one defendant and denied the motions to dismiss of all the other defendants.

August 5, 2011 - Defendant filed a motion to dismiss.

July 8, 2011 - Defendant filed a motion to dismiss.

June 30, 2011 - Defendant filed a motion to dismiss.

June 6, 2011 - Defendant filed a motion to dismiss.

June 2, 2011 - The lead plaintiff filed an amended consolidated complaint.

May 23, 2011 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

April 25, 2011 - Lead plaintiff motions were filed.

March 9, 2011 - Another investor filed a complaint.

February 24, 2011 - An investor in Oilsands Quest Inc (AMEX: BQI now trading on the OTC sheets as OBQI) filed a lawsuit in the U.S. District Court for the Southern District of New York against Oilsands Quest Inc over alleged violations of Federal Securities Laws.

According to the class action complaint the plaintiff alleges on behalf of those who purchased the common stock and other publicly-traded securities of Oilsands Quest Inc between August 14, 2006 and July 14, 2009, that Oilsands Quest Inc and certain of the Company's officers and directors violated the Securities Exchange Act of 1934 by overstated the value of the Company's assets by more than $136 million in violation of Generally Accepted Accounting Practices ( GAAP ).

The lawsuit seeks class action status on behalf of those purchasing the common stock and other publicly-traded securities of Oilsands Quest Inc between August 14, 2006 and July 14, 2009, inclusive, including Oilsands Quest Inc's Exchangeable Shares offered as consideration for the minority interest in OQI Sask on August 14, 2006; Oilsands Quest Inc's units first publicly offered on December 5, 2007 at $5.00 per unit; Oilsands Quest Inc common stock shares publicly offered on December 5, 2007 on a flow-through basis at $6.11 ($6.17 CDN) per share; and Oilsands Quest Inc's units first publicly offered on May 1, 2009 at $0.85 per unit.

As alleged in the complaint, on August 14, 2006, Oilsands Quest Inc acquired the minority interest in its operating subsidiary, OQI Sask, that Oilsands Quest Inc did not already own. The plaintiff alleges that between August 14, 2006 and July 14, 2009 Oilsands Quest Inc's financial reports and statements issued thereafter were false and misleading.

On July 14, 2009, Oilsands Quest Inc issued a release disclosing that its FY 2007, FY 2008 and Q-1, Q-2 and Q-3 2009 financial reports should no longer be relied upon, that its previously issued financial reports would be restated, and that Oilsands Quest Inc's internal controls were deficient between August 14, 2006 and July 14, 2009. Meanwhile, as the plaintiff claims, as a result of defendants' false statements, Oilsands Quest Inc's stock price traded at artificially inflated levels between August 14, 2006 and July 14, 2009, trading as high as $6.75 per share on June 23, 2008. In fact shares of Oilsands Quest Inc (AMEX: BQI) traded during 2006 as high as $7.76, and reached during 2007 and 2008 over $6 per share before falling from $5.94 on July 11, 2008 to under $1 at the end of 08. Recently BQI shares traded at $0.535 per share.