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CHARLESTON, W.Va. (AP) - Massey Energy Co., the country's fourth largest coal producer, has agreed to several governance changes as part of a shareholder lawsuit settlement.
The deal calls for Massey to propose changes making it easier to amend company bylaws, add directors and lower its mandatory retirement age for board members, according to the agreement.
In return, Richmond, Va.-based Massey would be released from all other claims. Massey's insurer, Zurich American Insurance Co., has also agreed to pay plaintiffs $2.5 million in legal fees, according to the agreement.
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