Midland Settles Shareholders' Suit Over Sale

Law360 (March 7, 2008, 12:00 AM EST) -- The Midland Co. has reached a settlement in a proposed class action against its directors that had claimed the insurance firm's proposed $1.3 billion sale to Munich-American Holding Corp. was a bad deal for shareholders.

The plaintiff, Superior Partners, alleged in a suit filed in December in the Clermont County (Ohio) Court of Common Pleas that the directors had withheld material information from investors that concealed their self-interest in the sale agreement.

“The sale of Midland to Munich-American is not in the best interests of [the]...
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