Arrow Financial receives preliminary settlement approval

Arrow Financial Corporation (NASDAQ: AROW) announced it received preliminary approval for a settlement of a shareholder derivative complaint filed by Stephen Bull, according to a company statement.

The complaint was described in various SEC filings over the past 18 months. The company said the settlement has no material financial impact on its results of operations or financial position.

Arrow posted the Notice of Pendency and Proposed Settlement of Stockholder Derivative Action and the Stipulation and Agreement of Settlement on its investor relations website. The documents are also being filed as exhibits to a Form 8-K announcing the preliminary approval.

The Glens Falls, New York-based financial corporation directed investors to review the notice and stipulation documents for additional information regarding the settlement terms.

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