Competitive Technologies Inc. has confirmed that Federal Insurance Company (Federal) of Warren, New Jersey has agreed to settle the litigation brought by CTT concerning CTT’s directors’ and officers’ liability insurance policy with Federal.
A payment is being made by Federal to CTT as settlement of a claim
for expenses previously recorded in CTT’s financial statements. The
litigation concerns costs incurred by CTT relating to an SEC investigation of the company’s 1998 stock buyback program.
Federal also confirms that it will cover liabilities incurred in the SEC litigation going forward under the terms of the D&O policy.
“We are pleased to continue our relationship with Federal and to have
resolved this matter,” said Paul Levitsky, CTT’s vice president and general counsel.
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