LONDON (CBS.MW) -- Descartes Systems Group /zigman2/quotes/200239682/composite DSGX +3.06% said it has reached an agreement to settle a class action lawsuit brought against it in the U.S. District Court for the Southern District of New York for $1.5 million. Under the terms of the settlement, $1.1 million of the total amount will be paid by Descartes' insurers and the rest by Descartes. The Canada-based business software firm also announced it appointed Arthur Mesher, former member of the interim office of the CEO, as it new chief executive officer, effective immediately. Descartes said Brandon Nussey, the other member of the interim office of the CEO, will continue in his role as chief financial officer. Descartes also said it estimates its cash position at about $46 million as of the end of October.