BRIEF: Settlement reached in Go Fig bankruptcy [St. Louis Post-Dispatch]

Aug. 31--A trustee in Go Fig Inc.'s bankruptcy has reached a $4.5 million settlement with its former CEO, Robert Semaan, and his wife Lynda Semaan.

Maryland Heights-based Go Fig Inc. operated the Fig. chain of clinics across the country that provided fat-dissolving injections. The company abruptly closed its doors in late 2007, owing millions to customers, employees and creditors. The company filed for bankruptcy in 2008 in St. Louis.

On Aug. 22, a trustee in Go Fig's bankruptcy filed a settlement document with the court. The Semaans' insurers will pay $4.5 million to settle an adversary proceeding brought by the trustee, Bruce Strauss, which is 95 percent of the available insurance limits. The trustee originally sought to recover more than $90 million, according to court documents.

A hearing on the settlement is set for Sept. 19 in St. Louis.

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