SAN FRANCISCO (Bloomberg) — Warner Chilcott Ltd., a maker of pharmaceutical products for women, agreed to pay $16.5 million to settle a securities class-action lawsuit on behalf of people who bought the company's stock since it went public in 2006.

Most of the settlement will be funded by insurance proceeds and won't have a material effect on the company, Bermuda-based Warner Chilcott said yesterday in a statement distributed by PRNewswire.

The settlement must still be approved by a US District Court judge in New York, the company said.

The company didn't admit any wrongdoing in the settlement, according to the statement.

Company spokeswoman Rochelle Fuhrmann didn't immediately return a voice-mail message after business hours seeking comment.

Warner Chilcott fell seven cents to $17.59 in Nasdaq Stock Market trading the same day. The stock has risen 17 percent since it first traded in September 2006.