CHARLOTTE, N.C., Feb. 6, 2014 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitizing products and services, announced today that it has entered into a Stipulation of Compromise and Settlement (the "Settlement") with the Lead Plaintiffs in the consolidated class action lawsuits filed in the U.S. against the Company. Pursuant to the Settlement, which remains subject to Court approval, the Company has agreed to pay $5.5 million (the "Settlement Payment") to a Settlement Fund. The Settlement Payment is reimbursable by Swisher's insurer. Plaintiffs acting on their behalf and on behalf of all Class Members, have agreed to dismiss all claims in the class action against Swisher and the individual defendants with prejudice. The Lead Plaintiff and its Claims Administrator will manage the administration and distribution of the Settlement Fund among the Class Members and the payment of expenses therefrom, subject to Court approval.
"While we have been well represented by our counsel and confident of our litigation position, we believe putting this matter behind us is in the best interest of our customers, employees and shareholders so that we can remain focused on our business," said Richard L. Handley, Chairman of the Board of Swisher.
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