Lowder, Dye, McGregor, et al; Colonial BancGroup settle suit for $10.5 million

[jbcarol]

The shareholders, led by the Arkansas Teacher Retirement System and other pension funds, contended that Colonial executives such as former CEO Lowder and board members like Dye and McGregor lied about the company's soundness and eligibility for federal bank bailout cash.

Officers and directors of failed Colonial BancGroup, including Auburn University trustee Bobby Lowder and former AU football coach Pat Dye, have agreed to pay investors $10.5 million to settle a class-action suit that claims they misled investors.

The terms of the proposed settlement were outlined in documents filed this week in U.S. District Court in Montgomery. Lowder, Dye, gambling promoter Milton McGregor and 20 other former Colonial officials have asked the judge overseeing a parallel case in U.S. Bankruptcy Court in Montgomery to let them pay the settlement money with proceeds from an insurance policy covering directors and officers.

[aristotle]

http://news.yahoo.com/alabama-senator-apologizes-aborigines-remark-004902882.html

Happen to notice this in regards to the investigation as well. What a moron. He's wearing a wire and says this. Alabama has some dumb fricking politicians over there.