Excerpts from the official release:
"The Cato Institute and its shareholders have reached an agreement in principle that would resolve pending lawsuits filed by Charles Koch and David Koch against Cato, its CEO, and several of its directors.
"Under terms of the agreement, Cato will no longer be a stockholder corporation and John Allison will be replacing Ed Crane, who will be retiring as Cato's CEO. That represents a compromise by which both sides will achieve key objectives. For a majority of Cato's directors, the agreement confirms Cato's independence and ensures that Cato is not viewed as controlled by the Kochs. For Charles Koch and David Koch, the agreement helps ensure that Cato will be a principled organization that is effective in advancing a free society.
"Earlier this year, Charles Koch and David Koch filed two separate lawsuits seeking interpretation and enforcement of Cato's shareholders' agreement....
"The parties will seek a stay of the court proceedings related to that dispute after formal settlement documents have been prepared and signed. Terms of the settlement include:
"...Crane, who co-founded the Institute with Charles Koch and served as its CEO for 35 years, will retire within six months. He will be succeeded by Allison, an expert on political philosophy and public policy and a revered libertarian, admired and respected by the Kochs and the Cato Board..
"Charles Koch applauded the agreement. 'I have every confidence that John's leadership will enable Cato to reach new levels of effectiveness. The alarming increase in the size and scope of government is undermining freedom, opportunity and prosperity for all. Effective action is required to limit government to its proper role.'"