POUGHKEEPSIE, N.Y. -- Poughkeepsie Savings Bank said it reached a settlement of the class action filed against the bank and three former officers in March 1990.
The bank said the settlement provides for dismissal with prejudice of all claims against the bank and each former officer.
The bank's insurance carrier is a party to the settlement agreement, which calls for the payment of $1.5 million, some of which will go for legal fees.
Poughkeepsie Savings said the suit was brought by people who bought the bank's stock between Jan. 28, 1988, and Feb. 2, 1989. No further details were made available.
The bank said the settlement amount was covered by its directors' and officers' liability insurance and would not require further disbursements.
The briefs were compiled from staff and wire reports.