Nationwide Enters $26M Settlement Over Harleysville Merger

Law360, Philadelphia (October 11, 2012, 5:58 PM EDT) -- Nationwide Mutual Insurance Co. has agreed to a $26 million settlement in a Pennsylvania court over a consolidated class action and derivative suit connected to its $834 million May merger with Harleysville Mutual Insurance Co., the company announced Thursday.

The company said the settlement, filed in Philadelphia’s Court of Common Pleas, will bring an end to litigation brought on behalf of former Harleysville Mutual policyholders, who claimed that the company’s directors enriched themselves as part of the merger.

“Given the potential cost and burden of continued...
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