SNC settles lawsuit
On Tuesday afternoon, Sitnasuak Native Corporation issued a press release, stating that a settlement has been reached in a civil lawsuit between the corporation and three of its directors.
On August 16, SNC filed the lawsuit in the Anchorage Superior Court alleging that three of the corporation’s sitting board directors have “breached their fiduciary duty of loyalty and care to the company.” The legal action sought the removal of the three from SNC’s Board of Directors.
The defendants named in the case were Charles E. Fagerstrom, Edna R. Baker and Dr. Barbara Amarok. Later, Marie Tozier was added to be a defendant in the lawsuit.
The settlement was reached after negotiations last week with retired justice Dana Fabe as mediator, according to court documents.
Particulars of the settlement were not revealed in Tuesday’s press release but the document stated that SNC Director Charles E. Fagerstrom resigned as part of the settlement.
According to the terms of the settlement, the twice postponed general meeting and elections will be held in Anchorage within the shortest possible time consistent with regulatory requirements, the press release said.