Willis Towers WatsonPlc on March 31 agreed to pay $120 million to settle litigation involvingthe Stanford Financial Group and allegations arising from matters about 10 yearsago, according to a Form 8-K filed April 6.
Pending approval from a federal judge in Texas, the settlementwould dismiss two claims without Willis Towers Watson admitting to any liabilityor wrongdoing. The settlement is subject to the execution of a definitive agreementand other related documentation and notice to Stanford's investor claimants.
Willis Towers Watson recognized a $70 million pretax provisionin connection with the litigation in the fourth quarter of 2015 and will add a further$50 million pretax provision. The company expects that the settlement will be taxdeductible and that the additional charge will impact first-quarter net income.