$14.3M Deal Ends LandAmerica, SunTrust ARS Dispute

Law360, New York (May 27, 2011, 8:23 PM EDT) -- A liquidation trustee charged with recovering money for creditors of a LandAmerica Financial Group Inc. subsidiary asked a Virginia bankruptcy court on Thursday to approve a $14.3 million settlement with SunTrust Banks Inc. over the sale of auction rate securities.

The settlement would bring recoveries for many of the creditors of LandAmerica 1031 Exchange Services Inc. of up to 66.5 cents on the dollar, following previous settlements including a $95.5 million deal with a second bank in October.

Since the debtors' approved plan of reorganization went...
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