Skip to main content

This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

FairBoss Corporation's Settlement With Brown & Brown Re And Former Officer Announced

MAPLEWOOD, NJ - December 31, 2003 -- FairBoss Corporation announced today that it has reached a settlement and release agreement with Brown & Brown Re, Inc., a unit of Brown and Brown Inc. (NYSE: BRO), and Keith Schwab, a former officer of FairBoss Corporation.

The settlement and release agreement provides, among other things, for the payment of certain amounts to FairBoss Corporation's subsidiary Program Specialists LLC, the release of the former officer from his employment agreement with Program Specialists LLC and certain broad and reciprocal releases. None of the parties to the release admitted to any wrongdoing nor is the release to be construed as any such admission.

The settlement and release agreement releases the former officer of all claims arising up to the date of the settlement and release agreement. The settlement and release agreement releases Brown & Brown Re, Inc. of all claims arising up to the date of the settlement and release agreement. The former officer releases FairBoss Corporation and its respective predecessors and successors, and current and former shareholders, and each of their (and their shareholders') respective current and former directors, employees, advisors and agents of all claims arising up to the date of the settlement and release agreement.

The settlement and release agreement was approved by the board of directors of FairBoss Corporation.

For further information on FairBoss Corporation and subsidiaries, please contact the company at (973) 763-2100. Website: http://www.fairboss.org