The settlement covers 47 of the 48 policyholders that have initiated litigation totalling €7.2m in Norway, and it is made without any admission of liability, the Hansard group company said in a short statement today.
Hansard said the board considered it in the best interests of the group and its shareholders to reach a resolution with regard to these claims in order to avoid the expense and distraction of extended litigation.
The costs of defence to date, both internally and externally, are approximately €1m.
Hansard stated that it has "robustly and consistently defended itself from all claims and will continue to do so".
Gordon Marr, group chief executive of Hansard Global, said: "We are pleased to have drawn a line under these proceedings. This agreement reduces risk, avoids future legal costs and enables management to focus fully on our strategy of driving growth in regular premium products in fast growing markets."
In March, Hansard Global stated that it was going to close its Dublin-based business Hansard Europe to new business from 30 June this year after deciding that it is in the “long term interests of the group” to reduce exposure to the region.
To read more about the closure of Hansard Europe click here.