Arrow Financial’s Internal Reform Settlement Gets Final Court OK

A non-monetary settlement between Arrow Financial Corp.‘s top brass and an investor, consisting of internal governance reforms to be implemented for five years, has receive a federal court’s final approval.

The deal is fair and “in the best interests of Arrow and its stockholders,” Judge Anne M. Nardacci said Thursday for the US District Court for the Northern District of New York. She also approved $280,000 in legal fees and expenses in the suit on behalf of Arrow, which has New York state bank and insurance companies as subsidiaries.

• The derivative suit and a parallel class action allege Arrow hid ...