FLIR Systems (NASDAQ:FLIR; Portland, OR, USA) has entered into a definitive agreement with plaintiffs William J. Parrish and E. Timothy Fitzgibbons to settle claims filed in 2008 related to FLIR’s acquisition of Indigo Systems in 2004.
The claims also included the plaintiffs’ ensuing employment with FLIR, and litigation between the parties filed by FLIR in 2006. Under the terms of the settlement agreement, FLIR will make a cash settlement payment of $39 million to the plaintiffs for dismissal of all claims in the current litigation and a non-exclusive license for use of certain infrared technology.
The case was pending in the California Superior Court for the County of Santa Barbara.
“We are happy to move past this litigation and feel the settlement is in the best interests of FLIR’s shareholders and employees,” said Earl R. Lewis, President and CEO of FLIR.
“Eliminating the distraction and expense that accompanies such a case will allow our management team to focus on growing our business and developing the most technologically advanced, cost-effective thermal imaging and threat detection systems in the industry.”
SOURCE: FLIR Systems