Four years after DeFarra “Dean” Gaymon, the former president/CEO of Credit Unionof Atlanta, was killed during a sting operation in Newark, N.J.,his family has settled a wrongful death lawsuit for $1.5million.

Gaymon’s wife and four children settled Tuesday with EssexCounty, New Jersey authorities and will receive approximately$730,000 after attorney fees and expenses are deducted, accordingto local media reports.

The Essex County Sheriff’s Office did not admit to anywrongdoing as part of the settlement agreement.

In town for a high school reunion, Gaymonwas shot and killed by an undercover sheriff's detective on July16, 2010. The Essex County Prosecutor's Office said the officer waspatroling Branch Brook Park in Newark, N.J., after receivingcomplaints of public sexual activity.

Edward Esposito, an undercover Essex County sheriff’s detectiveat the time, said in his statement that he encountered Gaymon whilehe was engaged in a sex act. When Esposito pulled out his badge,identified himself as a police officer and informed Gaymon he wasunder arrest, the detective said Gaymon appeared to panic,assaulted the officer and ran.

Gaymon ignored Esposito’s commands to stop, did not raise hisarms or make his hands visible and repeatedly threatened to killthe officer, according to the detective's statement. Esposito saidGaymon then lunged at and attempted to disarm the officer whilereaching into his own pocket.

The officer said he feared for his life and discharged hisservice weapon, striking Gaymon once. Esposito said he called forhelp and rendered first aid to Gaymon, who was rushed to UniversityHospital in Newark and pronounced dead at 9 p.m. on July 16, 2010,of a single gunshot wound to the abdomen.

The Gaymon family later filed a civil suit against Esposito, twosenior officers and the Essex County sheriff’s office questioningthe shooting’s investigation.

In 2011, a grand jury in Essex County, N.J., declined to bring criminal charges against Esposito.

Gaymon had served as president/CEO of the $76.7 million CreditUnion of Atlanta since 2006. He was 48 years old at the time ofhis death.

Neither a comment from the attorneys representing Gaymon’sfamily nor the Essex County sheriff’s office was immediatelyavailable on the settlement.