Liberty Mutual Insurance Co. has agreed to settle its lawsuit alleging that insurance attorney Michael Devereaux tried to secure payment of outstanding legal bills by threatening to file his own suit accusing a company executive of attempting to extort kickbacks from his firm in exchange for Liberty’s business.

Mr. Devereaux said in an interview that the company had posted a $688,893 bond to secure payment of legal fees and costs it owed his firm. He said that his firm will get a “substantial” amount of that total, while paying Liberty nothing.

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