U.S. Sugar Corp. said Friday it has agreed to settle a class action lawsuit brought by shareholders and members of its Employee Stock Ownership Plan for an $8.4 million payment to members of the settlement class.
An additional payment of $7.5 million, less plaintiffs' attorneys’ fees, will be made if U.S. Sugar closes its pending land sale with the South Florida Water Management District, according to a news release.
The company said the settlement was filed with the U.S. District Court, Southern District of Florida.
Upon approval by the court, all actions against all defendants will be dismissed with prejudice, which means that the court ruling is final and the claims cannot be refiled.
This settlement was reached without any party admitting any liability.
"All of the defendants in this case have denied and continue to deny any wrongdoing, and indeed, most of the claims have already been dismissed by the court," said Robert Coker, U.S. Sugar’s senior vice president of public affairs.
In the settlement, U.S. Sugar said it entered into the settlement solely to avoid the cost, disruption and uncertainty of continued litigation.
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