Medical Resources to settle suits

Imaging services provider Medical Resources of Hackensack, NJ, took a step toward cleaning out its corporate closet by reaching an agreement in principle to settle a group of class-action lawsuits. The suits were filed in late 1997, after the company was rocked by allegations over advisory fees paid to then-chairman Gary Siegler (SCAN 12/17/97). Under the terms of the settlement, the plaintiffs in the suits will receive $2.75 million in insurance proceeds and $5.25 million in corporate notes. The agreement is expected to be approved by March.