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Settlement Agreements
12 Months Ended
Dec. 31, 2019
Settlement Agreement  
Settlement Agreements
Settlement Agreements
On August 7, 2018, the Company entered into a confidential settlement agreement and mutual release (the “Settlement Agreement”) with its former CEO, former CFO and a former and then current director.  For more details see Note 14 in Form 10-K filed on March 18, 2019. The Company accrued approximately $1.5 million related to this Settlement Agreement and as of December 31, 2018, the Company has paid $1.1 million. The Company is also entitled to a partial reimbursement for this accrual from the Company’s insurance company of approximately $0.5 million which was collected in October 2018. This resulted in a net settlement expense of approximately $1.0 million for the year ended December 31, 2018.
On August 7, 2019, the Company entered into a settlement agreement relating to the class action lawsuits. This resulted in a settlement expense of approximately $0.4 million for the year ended December 31, 2019. See Note 15 above for further details. The settlement was approved by the court on February 26, 2020.