Insurance technology specialist Ebix has agreed to pay $US6.5 million ($7.2 million) to settle all claims in a shareholder class action filed in 2011. 

The agreement, which has been approved by a US District Court in Atlanta, states that Ebix, its officers and directors, deny all allegations made against them in the litigation and have agreed to settle the matter “solely to eliminate the uncertainties, risk, and expense of further protracted proceedings”. 

Last year the company also faced an inquiry by the US Securities and Exchange Commission into alleged accounting irregularities surrounding the way it handles its earnings in low-tax countries like Singapore. The inquiry is continuing.

Ebix Australia is the local industry’s largest technology company, operating the dominant Sunrise Exchange platform, broker system WinBEAT and the iClose e-commerce transaction platform.