Riverhead, N.Y.-based SuffolkBancorp, Bridgeport, Conn.-based People's United Financial Inc. and the individual defendantsin the previously disclosedactions related to thecompanies' pending merger entered into a memorandum of understanding with the plaintiffson Sept. 27 regarding the settlement of the actions.
Pursuant to the MOU, Suffolk agreed to make available additionalinformation to its shareholders in connection with the proposed merger.
Suffolk, People's United and the other defendants deny all ofthe allegations in the actions including any allegations asserting a violation offederal or state law, but have agreed to settle the actions to avoid the costs,disruption and distraction of further litigation.
The MOU contemplates that the parties would enter into a stipulationof settlement with respect to the actions, which would be subject to court approvalfollowing notice to Suffolk's shareholders. The actions will be dismissed with prejudiceif the court approves the settlement contemplated by the MOU.