Compass Minerals Shareholders Settle Salt Mining Upgrade Suit

Compass Minerals International Inc.‘s board and top executives agreed to appoint a new chief accounting officer to end a shareholder lawsuit alleging current and former leaders misstated the costs and capacity of its new salt mining system.

The shareholders leading the combined suits asked Chief Judge Eric F. Melgren of the US District Court for the District of Kansas to preliminarily approve the settlement on Monday. The plaintiffs’ counsel is also seeking approval for $1.4 million in attorneys’ fees and expense reimbursement.

The settlement, in which Compass’ leaders denied wrongdoing, would resolve two shareholder derivative actions that alleged ...