Morningstar settles suit for $3.2 million

Morningstar Inc. announced that it paid $3.2 million to settle a legal dispute with Graham Rich, the founder of its Australian subsidiary.
The Chicago-based provider of financial research invested in FPG Research Pty Ltd., a company founded and run by Mr. Rich in 1999, which is now known as Morningstar Australia.
Mr. Rich sued Morningstar in 2001 after he was asked to leave following a dispute with the company.
Under the settlement, both parties agreed to dismiss and release all claims, Morningstar said in a statement.
Morningstar said that it had previously set aside approximately $2.1 million in connection with the dispute.
“We’re pleased to bring this matter to a conclusion,” said Joe Mansueto, chairman and chief executive officer of Morningstar, according to a statement.
“The settlement allows us to eliminate ongoing expense and business distraction.”