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Old National enters MOU to settle merger-related lawsuit

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Old National enters MOU to settle merger-related lawsuit

Evansville, Ind.-based OldNational Bancorp reported that on March 31, it and Madison, Wis.-basedAnchor BanCorp Wisconsin Inc.entered into a memorandum of understanding to settle a lawsuit opposing the companies' pending merger.

According to a Form 8-K filed April 1, the company said it deniesthe allegations against it in the suit, but is agreeing to settle to avoid the costsand disruptions of any further litigation and to permit the timely closing of thepending merger with Anchor.

The agreement requires additional disclosures in the proxy statementand prospectus regarding the merger, and the defendants agreed to pay the plaintiffs'attorneys fees. The agreement is subject to confirmatory discovery by the plaintiffand court approval, and the filing stated there is no guarantee the parties willultimately enter into a settlement.