BISYS has reached an agreement to settle class-action lawsuits filed against it in the United States District Court for the Southern District of New York.
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.