Mint Technology Corp. has settled its lawsuit with two former high-ranking executives.

The Canadian payment systems provider said it has reached an amicable agreement with Robert Elensky and Dean Thrasher. The action was dismissed without costs.

Mint’s suit had alleged that Elensky and Thrasher breached their fiduciaries duties to the company and participated in a fraudulent scheme by improperly diverting more than $450,000 in assets to a separate corporation. The claim also alleged that Elensky produced false expense claims totaling $150,000.

Mint apologized for the embarrassment a January 18, 2008 press release notifying the media of the lawsuit might have caused to the defendants. Elensky and Thrasher also issued an apology for a suggestion in their press release dated January 21, 2008 that the commencement of Mint’s action may have been vindictive in nature.