Steris Settles Lawsuit Over Tax Reimbursements to Executives
Steris has settled a shareholder lawsuit filed over special payments its board approved for top officers and directors—payments meant to reimburse them for U.S. excise they will owe after the Ohio-based company moves its headquarters to the United Kingdom amid a merger with medical device sterilization rival Synergy.
The settlement in the Court of Common Pleas in Cuyahoga County, Ohio, includes Steris agreeing to publicly disclose more information about the $11.4 million in tax reimbursement payments going to current and former corporate officers and non-employee directors, according to a Monday filing with the SEC. Synergy also agreed not to grant any additional stock compensation until six months after Steris closes on its nearly $2 billion acquisition of Synergy. Steris also says it will negotiate to pay fees and expenses for the plaintiff’s attorney.
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The settlement in the Court of Common Pleas in Cuyahoga County, Ohio, includes Steris agreeing to publicly disclose more information about the $11.4 million in tax reimbursement payments going to current and former corporate officers and non-employee directors, according to a Monday filing with the SEC. Synergy also agreed not to grant any additional stock compensation until six months after Steris closes on its nearly $2 billion acquisition of Synergy. Steris also says it will negotiate to pay fees and expenses for the plaintiff’s attorney.
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