JACKSONVILLE, Fla. -- Rayonier Inc. announced that the Company has reached an agreement in principle to settle the securities class action litigation pending against it in the United States District Court for the Middle District of Florida (the "District Court"), In re Rayonier Inc. Securities Litigation, Case No. 3:14-cv-01395-TJC-JBT.
The settlement will resolve the claims currently asserted against all defendants in the action, including the Company and three former executive officers. The terms agreed upon by the parties contemplate a settlement payment to the class of $73 million, all of which will be funded by the Company's directors and officers (D&O) liability insurance carriers.
The Company expects to incur approximately $740,000 of costs in the first half of 2017 for reimbursement of certain pre-litigation legal expenses in connection with the settlement. The proposed settlement is subject to completion of formal documentation and approval by the District Court following notice to all class members.
David L. Nunes, President and Chief Executive Officer, stated: "We are pleased to have reached an agreement in principle with the plaintiffs and believe that settling the case at this time is in the best interests of the Company and our shareholders. We look forward to putting this matter behind us and continuing to focus our time and attention on strategic initiatives to build long-term value for our shareholders."