Chicago, IL: (Jun-22-07) A securities class action suit was brought against SIRVA, Inc., a global relocation services provider, and certain of its current and former officers and directors. In a settlement reached, SIRVA agreed to a payout of approximately $53.3 million to end the pending litigation.
Under the terms of the settlement, SIRVA's contribution to the settlement will be its agreement to waive its right to reimbursement from its insurers of approximately $5.6 million of legal fees and costs incurred by SIRVA in connection with the litigation, almost all of which has been previously paid by SIRVA. The settlement agreement was entered into without any admission of wrongdoing on the part of SIRVA or any of the other defendants, and the defendants would receive a full release of all claims asserted in the litigation. [PR NEWSWIRE: SECURITIES FRAUD]