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&Torchmark Settles With Waddell Reed

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Torchmark Corp. says it has completed previously announced efforts to settle most lawsuits involving Waddell & Reed Financial Inc.[@@]

Torchmark, Birmingham, owned Waddell & Reed, Overland Park, Kan., until 1998. The companies ended up feuding over Waddell & Reed’s efforts to increase its distance from Torchmark after Torchmark used a public stock sale to turn Waddell & Reed into an independent company.

The settlements now completed include actions in Alabama, California and Kansas, Torchmark says.

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All of the settled lawsuits will be dismissed with prejudice, Torchmark says.

Torchmark notes that is continuing with one tax refund case that it has filed against Waddell & Reed.