Aegean Marine Petroleum Network founder Dimitris Melissanidis and its former chief financial officer have reached an agreement to settle claims in long-running securities fraud and insider trading litigation in New York.

Lawyers for Utah Retirement Systems, the investor in the marine fuel supplier that is serving as lead plaintiff in the case, said in court records that Melissanidis and finance chief Spyros Gianniotis have agreed to pay a total of $11.9m