HCC Stock-Option Suit Settled
HCC Insurance Holdings Inc reported on Friday that it has settled a class action lawsuit related to its historic stock-option granting practices. The terms of the settlement, which do not include any admission of liability or wrongdoing by the company, provides for a release of all claims and payment of $10 million into a settlement fund, the specialty insurance company said.
The settlement is still pending approval from the U.S. District Court of the Southern District of Texas.
The $10 million will be paid by HCC's directors' and officers' liability insurers, and will not have a material effect on the company's results.
Published on February 11, 2008
Are you a retail Agent Looking for a Quote?