As part of the settlement, the Company has agreed to pay Plaintiff's counsel $80,000, inclusive of both attorney's fees and expenses. The counsel fees will be paid in their entirety by the Company's Directors and Officers Liability Insurance carrier.
Assaf Ran, Chairman of the Board and CEO, stated, "Although pure justice would have meant fighting this lawsuit until a complete dismissal, settling it was a smart and economically efficient decision. It's important to understand that every control item that is mentioned in this agreement was already practiced by the Company and that my personal guarantee had already been given, could not be withdrawn without the consent of the Bank and was generally available to the Company."
CONTACT: Assaf Ran, CEO (516) 444-3400