Settlement with Billy Walters resolves three legal proceedings
Restitution payment to benefit bankrupt estate
Bankrupt Dean Foods Co. has settled its legal disputes with William T. “Billy” Walters and will receive $8.88 million in restitution from the Las Vegas sports gambler, who conspired with the milk producer’s former chairman to conduct insider trading.
The proposed settlement requires approval from the U.S. Bankruptcy Court for the Southern District of Texas, which is handling Dean Foods’ Chapter 11 case.
The settlement, filed Monday, would resolve all legal disputes between the company and Walters, who was convicted in 2017 for masterminding a six-year insider trading scheme with former Dean Foods Co. Chairman Tom Davis.
Read the full article here