LandAmerica Insurers To Pay $36M Over D&O Claims

Law360, New York (June 18, 2012, 1:43 PM EDT) -- A group of insurance carriers on Friday reached a $36 million settlement with bankrupt LandAmerica Financial Group Inc.’s trustee to eliminate claims that some of the company’s former directors and officers breached their fiduciary duty to the company.

LFG trustee Bruce H. Matson said in the motion to approve the settlement that in June 2011 he filed a complaint in a consolidated class action against the executives, alleging, among other things, breaches of fiduciary duties to LFG and its subsidiary LandAmerica 1031 Exchange Services Inc....
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