Let H be a real Hilbert space and K a nonempty closed convex subset of H. Suppose T:K→CB(K) is a multivalued Lipschitz pseudocontractive mapping such that F(T)≠∅. An Ishikawa-type iterative algorithm is constructed and it is shown that, for the corresponding sequence {xn}, under appropriate conditions on the iteration parameters, lim infn→∞ d (xn,Txn)=0 holds. Finally, convergence theorems are proved under approximate additional conditions. Our theorems are significant improvement on important recent results of Panyanak (2007) and Sastry and Babu (2005).