Securities Fraud Lawsuit

TOP Ships agrees to $1.2 million shareholder class action settlement.

Shareholder Settlement

San Juan, Puerto Rico: (Mar-03-08) A shareholder class action lawsuit was brought against R&G Financial Corporation in 2005. In a recent development in the suit, company sources stated that a settlement had been reached, in which the company agreed in principle to settle all claims with the lead plaintiffs in the shareholder class action. Under the terms of the deal, which is subject to notice being provided to the class and final approval by the United States District Court for the Southern District of New York, R&G Financial will pay the plaintiffs an aggregate of $39 million. The settlement amount will also be paid by other settling defendants.

Additionally, the company also announced that it has reached an agreement in principle to settle all claims in the shareholder derivative litigation filed against it in 2005. The derivative settlement is also subject to notice and approval from the United States District Court for the Southern District of New York. Spokespersons said that in connection with these settlements, the company agreed to certain corporate governance enhancements which will, among other things, impose additional director independence requirements. As part of the global settlement, the company will pay approximately $29 million and the company's insurers and certain individual defendants will pay an aggregate of approximately $11 million. [YAHOO: R&G SECURITIES]

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