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Class action lawsuits that threatened to extract as much as half a billion dollars from Penn West Petroleum Ltd. have been settled for an undisclosed sum that will be covered by insurance, the Calgary intermediate oil and gas producer announced Tuesday.

The company said law firms acting for investors in Canada and the United States who claimed they lost money in 2014 after Penn West revealed accounting irregularities and restated past financial results have agreed to halt all actions.

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“The settlement agreements provide for a payment that will be fully funded by insurance coverage maintained by Penn West,” it stated in a news release, adding it is making no admission of liability or wrongdoing.

“Penn West is settling the class action proceedings in order to avoid the continuing risks, uncertainties and costs of litigation.”

A Penn West spokesman said the company would provide no further detail. The release states the settlement must still be approved by courts in Alberta, Ontario, Quebec and New York.