CUC International Inc. has agreed to pay former SafeCard Services Inc. chairman Peter Halmos $77.8 million.
The agreement ends a legal battle that began in 1993 between Mr. Halmos and the company he founded in 1969.
In 1995 SafeCard, whose credit card loss-protection registry now has more than 13 million subscribers, was renamed Ideon Group Inc. Last April CUC International bought Ideon-and all of its legal problems-for $375 million in stock.
There were nine suits and countersuits in all. Mr. Halmos had accused a successor, former Ideon chairman and chief executive officer Paul G. Kahn, of inflating stock prices to hide low earnings and of forcing him to leave the company. Ideon countersued Mr. Halmos, accusing him of insider trading and mismanagement.
"I will not have anyone attack my reputation and integrity, publicly or privately," Mr. Halmos, 53, said in an interview. He called the settlement a "step in the process of clearing my name and record of outstanding achievement for SafeCard."
CUC had no comment on the agreement.