$4.5M MediCor D&O Settlement Approved

Law360, New York (April 22, 2010, 1:02 PM EDT) -- A federal bankruptcy judge has signed off on a $4.5 million insurance settlement that will end litigation over allegations that executives at bankrupt breast implant maker MediCor Ltd. stole money from a holding company and then negligently took on millions of dollars in debt.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware approved the settlement Tuesday. Carolina Casualty Co. and RSUI Indemnity Co., which issued directors and officers insurance policies to MediCor, are funding the settlement.

The allegations surrounded Southwest...
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