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ROSELAND, N.J.--The BISYS Group Inc. said it has agreed to pay $66.5 million to settle two securities class action lawsuits related to its financial disclosures, with part of the settlement funded by the company's directors and officers liability insurance policy.
The Roseland, N.J.-based company agreed to settle claims filed against the company and certain former officers and directors related to financial restatements it filed in 2005 and 2006.
The settlement, which includes no admission of wrongdoing by BISYS Group or any of the individual defendants, will be funded through a combination of cash, the company's existing credit facility and available insurance proceeds under its $25 million D&O policy.
The company is currently in discussions with its insurance carriers to determine the final amount of available insurance proceeds, according to the statement issued by the BISYS Group, a provider of outsourcing solutions for the financial services sector.