St. Paul Travelers Moves To Settle Derivative Suits

Law360, New York (November 6, 2006, 12:00 AM EST) -- Four months after paying out $77 million to settle a long-standing bid-rigging case, St. Paul Travelers Companies Inc. has reached another settlement deal to end two derivative suits.

In papers filed Friday with the U.S. Securities and Exchange Commission, insurance company St. Paul Travelers said it will “adopt certain corporate governance measures” to put an end to the derivative cases, which spawned a widespread investigation into big-rigging in the insurance industry.

The investigation led to several class action suits against St. Paul Travelers in 2004, which...
To view the full article, register now.