Upscale sportswear producer Cutter & Buck Inc on Monday revealed it had settled two sets of shareholder lawsuits which are expected to result in a $4m fourth quarter pre-tax charge.

The Seattle-based company agreed to pay $4m in cash and up to another $3m to settle lawsuits related to a company financial restatement in 2000 and 2001.

The firm said it has also agreed to "certain corporate governance policies and practices, including periodic reviews of compliance with shipping procedures and meetings with employees to discuss ethical expectations".

"These practices have already been instituted. The settlement does not reflect any admission of liability by the company or its current or former directors or officers," it said.

"This settlement puts all the shareholder litigation behind us," added Cutter & Buck CEO Fran Conley. "By resolving these legacy issues, we can eliminate distraction and uncertainty and continue to rebuild shareholder confidence in Cutter & Buck."