Chanticleer Holdings, focused on focused on expanding the Hooters® casual dining restaurant brand in international emerging markets as well as other casual dining ventures, reports that it has reached a cash settlement regarding the class action suit of Francis Howard v. Chanticleer Holdings, Inc., Michael D. Pruitt, Eric S. Lederer, Paul I Moskowitz, Keith Johnson, Mark Hezlett, and Creason & Associates, P.L.L.C.
Chanticleer today announced that it has filed, on behalf of all parties, a joint status report stemming from a court-ordered mediation that took place December 10, 2013. As of December 18, 2013, all involved parties agreed in principal to a class-wide settlement of $850,000, of which $837,500 will be paid by the Chanticleer's insurance carrier, XL Specialty Insurance Company; and $12,500 to be contributed by Creason & Associates, PLLC.
Additional material provisions are still being negotiated, and the settlement is subject to negotiation and execution of definitive documentation and court approval.
"We are pleased to have reached this agreement in principal and hope to negotiate and finalize documents within the next sixty days," Mike Pruitt, CEO and president of Chanticleer stated in the news release.
The filing was conducted through Chanticleer's counsel, Stanley Wakshlag of Kenny Nachwalter, P.A.
For more information, visit chanticleerholdings.com
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