A $64 million out-of-court settlement has been reached in the securities fraud lawsuit against two former top executives of Dana Holding Corp., according to documents in U.S. District Court in Toledo.

Union pension funds in the class-action case accused Michael Burns, former chief executive officer, and Robert Richter, former chief financial officer, of knowingly misleading investors about the company's financial problems in the months before the automotive parts supplier filed bankruptcy in 2006.

Mr. Burns was CEO from 2004 to 2008, stepping down as the company emerged from Chapter 11 reorganization. Mr. Richter served as CFO from 1999 to 2006, resigning just days before the company filed for bankruptcy.

The lead plaintiffs in the shareholders action are Plumbers & Pipefitters National Pension Fund, SEIU Pension Plans Master Trust, and West Virginia Laborers Pension Trust Fund.

An agreement providing terms and conditions to settle the lawsuit was given this week to Judge James Carr for his approval.

The company, which reorganized as Dana Holding under bankruptcy proceedings, was dismissed from the lawsuit in 2011.

First Published July 15, 2016, 5:08 p.m.