The lawsuits had challenged BISYS’ financial disclosures, including financial restatements in 2005 and 2006.
The settlement requires BISYS to pay $66.5 million in cash into an escrow account within 10 days after preliminary court approval. To pay the amount, BISYS will tap into its $25 million directors and officers liability policy and use a mix of cash and credit to pay the balance.
In reaching the settlement, BISYS neither admitted nor denied the charges.