Sports apparel and athletic shoe giant Nike Inc on Friday agreed to settle an $8.9 million consolidated group of securities class-action lawsuits but continued to deny the allegations of wrongdoing.

The Oregon-based company said in a short news release that the cash settlement will release it and the executives named in the suit of all claims, with the settlement funded by its directors and officers liability insurance.

No further details were given but the firm added: "Nike and the officers and directors named in the lawsuits do not admit, and continue to deny, any and all allegations of wrongdoing."