Zurich Financial To Pay $47.5M
In U.S. Nursing Home Settlement

Final Verdict

ZURICH (Dow Jones) - Switzerland-based insurer Zurich Financial Services AG (ZURN.VX) said Tuesday that it has reached a settlement regarding the bankruptcy of a U.S. nursing home chain Senior Living Properties.

Under the agreement, Zurich will pay $47.5 million. The company said its reserves will fully cover the payment.

The settlement puts an end to a lawsuit filed by Senior Living Properties which sought damages of around $528 million from Zurich company units.