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 settle actions brought in U.S. District Court in Manhattan against the firm as well as former officers and directors.

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

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