In September 2005 the province's premier, Dalton McGuinty, decided to prohibit all settlement of family matters based on religious principles under the Arbitration Act.

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"This settlement is a substantial step toward resolving all outstanding regulatory matters and allows the firm to move forward with confidence, " the company.

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As an appeals-court lawyer by training, Mr Klein thinks that, when matters of public policy are at stake, a settlement is no substitute for a ruling upheld by the courts.

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Schneiderman has said in the past that he would not sign any nationwide settlement agreement that would block his office from going after the banks in related matters.

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Concentrating on such practical matters would also enable it to leave the really difficult questions about a new constitutional settlement for a later date.

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The actual risk of any out-of-pocket settlement by a director is quite low says Stanford University Professor David Larcker, author of Corporate Governance Matters.

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If a slow-motion referendum has to hold matters up at this stage, the hopes of pushing on to a realistic, worthwhile settlement are dim indeed.

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