Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-03-05
SETTLEMENT OF
MUTUAL LIFE SUITS

New York March President
Charles A. Heathody OF the Mutual
Life Insurance company which has set
TIED suits aggrogating nearly $1,000. 900
brought against It's former president
Richard A. McCurdy and others
makes the following statement with
reference TO the settlement.
Proposals looking TO the adjust
ment of litigations pending against
the Mutual Life Insurance company
ana certain OF its former officers and
othels nave been under negotiation FOR
several months. They were referred by
the board OF trustees some time ago
U a committee which carefully exam
med the situation and decided that i'm
the situation and conditions IL would
be wise TO settle the controversy on the
terms decided. This decision of the
committee was approved by joseph
u. 'hoate, the cOmpauys special
counsel in the litigation and by James
Mexican, general counsel OF the COM
pany and was duly reported 20 the
board and approved.
the result Of the settlement Is that
an OF the claims in dispute by and
against the company have been settled
ana released, and the company has re-
celVed the equivalent 90 value of the
sum OF SSl5O00"
II is understood that $4,000. which
the Mutual has accepted was paid In
cash 10 the extent OF $3.50 600. The ball
ance was represented by claim
against the company for supplies de-
llNered TO % amounting to a trihe over
ShH0on The company acknowledged
TINS as a valid claim and only held up
Dol
claims against those 10 whom DO was
due
The suits included actions against
former President McCurdy his son.
Robert n. McCurdy s0n-iu-law. Louis
A. Iheududs and Charles n RAYMOND
who with Mr. Thebaud formed the Arm
OF Charles H. Raymond g. Co.. metro
politan agents FOR the Mutual Actions
We're also begun against vice presi-
dents under the old regime Robert
A. drannis and Dr. Walter II. Gillette
and J.. W. Lawrence. the statloner. wh5
Tor long years supplied the company
with stationery and supplies.
The members Of the committee ON
expenditures Were also involved. actions
being brought against Robert Oliphant.
James T.. Holden. Charles r.. Miller and
the eXecutriX az Jacob Hobart Herricir
The suits were brought FOR the recoy-
cry OF moneys alleged 20 have been
obtained improperly by the defendants
or Improperly expended by them The
largest OF thc claims against any one
individual were those against Mr.. Mo
Curdy from whom the Mutual sought
to collect S837l.3H. This Included
claims Tor additional salary Of $4,000
a year paid To- the president from 1901
20 1905 with the knowledge. IL is all
legged or only two Of the trustees OF
the company
Joseph II. Choatc who has approved
the settlement. was retained In 1906 as
the special counsel for the Truesdalo
committee upon whose reports these
suits were begun. This committee was
named by the trustees Of the Mutual
in October 1905. following the nivesti-
CATION Of the life Insurance companies
by the Armstrong committee while
Richard a. McCurdy was still presi-
dent OF the Mutual II consisted ~
w. II. 1rucsdalo. president Of the
Delaware. Lackawauna a. Western:
EmughIm b. Morris. president Of the
Girard trust company of Philadelphia.
and John vs. Auchinloss. Stuyvesant
Fish, then president OF the Illinois
Central was added 90 The committee
later. but De resigned in February. 1906
before the fling OF the committees
final report. as did Mr. Morris.