Notice from the American Academy of Actuaries to its members regarding settlement
October 1, 2009 Dear Members of the Academy, As you may know, the Academy was sued on September 1, 2009 by its former president-elect, who contended that the Academy's Board had improperly removed him from that position. The Academy and the former officer have now agreed to settle that litigation. The Settlement Agreement can be viewed on the Academy’s website. The background of the litigation and the Court's rulings prior to settlement are briefly summarized in a statement, dated September 17, 2009, on the Academy's website. We vigorously defended the Academy Board’s action. On September 15, 2009, the Court denied the former president-elect's motion for a temporary restraining order and found that the former president-elect had not shown a substantial likelihood of success on the merits of his claim that he had been improperly removed from his position as president-elect. While remaining confident of the validity and legality of the Board’s action, the Academy believes that the expeditious settlement avoids the expense and distraction of litigation and enables us to continue to focus on moving forward to promote the important public policy and professionalism interests that are the Academy’s mission. We look forward to working with you to meet those interests.