Nationwide Settles Harleysville Investor Suit Over $834M Deal

Law360, Wilmington (March 21, 2013, 2:19 PM EDT) -- Nationwide Mutual Insurance Co. on Wednesday settled a class action that challenged its $834 million purchase of Harleysville Group Inc., agreeing to give former Harleysville shareholders a cut if it sells the recent acquisition for a profit in the next 15 months.

The former Harleysville shareholders, led by Louisiana Municipal Employees Retirement System, agreed to stand down in their suit claiming Nationwide underpaid for its fellow insurer in return for the so-called anti-flip provision, along with supplemental disclosures on the deal, according to a memorandum of...
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