The METO Settlement
Shamus O'Meara: What is a Settlement Agreement?
Shamus O'Meara: Well, a settlement agreement is an arrangement between litigants—between parties in a lawsuit—that results in a... in an arrangement under which the parties agree to settle or to resolve their differences, their dispute, and not move forward in the lawsuit in a formal fashion.
So the lawsuit halts and a settlement agreement is typically reached. It's typically in writing, almost always is in writing, between the litigants. There is usually no admission of liability or responsibility by the defendants in the lawsuit. Sometimes there are monetary components.
In this case, there is a three million dollar monetary settlement. But also there are other items under which the parties come to agreement on. In this case, there is a variety of different things in terms of non-monetary relief that the parties have agreed collectively, collaboratively, to proceed forward with.