The BISYS Group, Inc. a financial conglomerate that distributes commercial property-casualty insurance announced today that it has settled a securities class action for $66.5 million.

According to the company the agreement in principle will include actions against the company and former officers and directors that were brought in U.S. District Court in Manhattan.

Part of the settlement will be paid by a $25 million directors and officers liability policy, said BISYS, which advised that the company is currently in discussions with its insurance carriers to determine how much they will pay under the policy.

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