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.
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.