The has agreed to settle two lawsuits with shareholders and announced that former CEO Mack Whittle will retire from the South Carolina company’s board of directors.
The settlement totals $500,000. The company says it will pay $300,000 in cash covered by insurance and an additional $200,000 in South Financial common stock.
The Greenville News reported that papers the company filed with federal regulators say Whittle will reduce his retirement benefits to contribute $250,000 to the settlement.
The lawsuits were filed over Whittle’s original $18 million retirement package. The suits said Whittle’s benefits were too lucrative and his date to step aside was accelerated to help the bank get federal bailout money.
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Information from: The Greenville News,
http://www.greenvillenews.com
Topics Lawsuits
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