Granite Construction reaches $7.5M derivative lawsuit settlement with governance reforms

GRANITE CONSTRUCTION INC

D&O insurers to pay $7.5M to Granite; court approval hearing set for July 12, 2022.
Board adopts reforms: audit committee meets 6x/year, risk committee oversight, director NACD training.
Settlement releases claims against directors/officers for alleged breaches tied to 2019 project losses.
Plaintiffs' counsel may seek up to $2.5M in fees from the settlement fund.
Derivative actions stem from $106.7M charge and restatement of 2017-2019 financial results.

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