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ST. PAUL, Minn.--St. Paul Travelers Cos. Inc. has agreed to adopt "certain corporate governance measures" to settle a consolidated derivative lawsuit against the company over alleged improper business practices, the insurer said in a Securities and Exchange Commission filing.
The suit, brought in the U.S. District Court for the District of Minnesota against the company's current directors and certain former directors, asserts state law claims including breach of fiduciary duty in connection with the insurer's alleged failure to disclose contingent commission payments to agents and brokers, its alleged involvement in a conspiracy to rig bids, and its alleged improper use of finite reinsurance products, the insurer said.
St. Paul Travelers did not elaborate in the SEC document filed last week about what corporate governance measures it would adopt, and a spokeswoman declined to comment further.
The settlement is subject to court approval.
In August, St. Paul Travelers agreed to pay $77 million to settle similar charges of improper business practices by attorneys general in Connecticut, Illinois and New York (BI, Aug. 7).