WILMINGTON, Del. — Former NationsRent CEO James Kirk last month agreed to pay $500,000 to a creditors committee to settle litigation over a $2 million severance payment, the Miami Herald reported. Kirk was paid $2 million in severance to resign his post, which angered creditors who contended Kirk was responsible for steering the company into bankruptcy.

The unsecured creditors committee had sued Kirk to return the entire $2 million, but accepted the settlement.

“The business judgment was made that this was a fair and reasonable compromise of the litigation,” said Neil Glassman, the committee's Delaware lawyer.