Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos
Intermediaries
Brokerage
Return to: IBR Home | Intermediaries | Brokerage

CNinsure receives final approval of class action lawsuit settlement from US court

IBR Staff Writer Published 20 August 2014

The US District Court for the Southern District of New York has granted final approval for China-based CNinsure for the settlement of consolidated class action lawsuit against the company.

The company said that it received the final judgement, which dismissed the case on 15 August 2014.

CNinsure will resolve all the claims asserted on behalf of purchasers of its American depository shares between 2 March 2010 and 21 November 2011 in exchange for a payment of $6.625m, as part of the approved settlement.

The settlement agreement includes no admission of liability, fault or wrongdoing by the company.

CNinsure has agreed to settle the matter to avoid the uncertainties, risks, costs and burdens of further protracted proceedings.

CNinsure CEO Chunlin Wang CEO said: "We are pleased to have this matter resolved and behind us, so that we can now focus on executing our strategies for delivering strong financial results and creating value for our shareholders over the long run."

CNinsure, which is an independent insurance intermediary company, provides different property and casualty and life insurance products underwritten by domestic and foreign insurance companies operating in China.