SC judge OKs South Financial’s $500K settlement

A South Carolina judge has approved a settlement allowing The South Financial Group’s former chief executive to keep most of his multimillion-dollar retirement package.
   
The Greenville News reported Tuesday that Circuit Judge Ned Miller ruled the company’s March agreement to pay $500,000 to settle two lawsuits was fair.
   
The lawsuits by shareholders claimed former CEO Mack Whittle’s original $18 million retirement package was too lucrative and his date to step down was accelerated to help the bank obtain federal bailout money.
   
The Greenville company has denied any wrongdoing.
   
Under the settlement, South Financial will add an independent director with a financial services background, and 75 percent of the company’s board will consist of independent directors.