Compass Minerals Investors, Board Settle Fire Retardant Suit (1)

Compass Minerals International Inc. will adopt a formal board policy on strategic transactions to end stockholder allegations they misrepresented the quality of its fire retardant in an acquired unit.

Compass must retain this and other reforms for at least five years, the shareholders said while seeking preliminary approval of the deal from the the US District Court for the District of Kansas. Current and former executives and board members denied wrongdoing in the consolidated derivative suit, which alleges they overhyped the 2024 government contract prospects of its now-shuttered fire retardant business.

• The shareholders sought approval of $850,000 in attorneys’ ...