Sunrise Senior Living Inc., which has been struggling with accounting problems and allegations of financial wrongdoing, disclosed that it settled a corporate governance lawsuit brought by the Service Employees International Union Master Trust.
The Master Trust, a pension fund sponsored by the SEIU, alleged that the company had disregarded its corporate bylaws in connection with an annual shareholder meeting scheduled for Tuesday. The SEIU Master Trust in August called on the company to protect shareholders as it began a review of strategic alternatives for the company.
While details of the settlement were not disclosed, McLean, VA-based Sunrise said it will hold its annual meeting as planned. Paul J. Klaassen, Craig R. Callen and Lynn Krominga will stand for election to the director class.
