Eaton to pay $147.5 million to resolve 'litigation issues' with Triumph Group

Scott Suttell
CRAIN'S CLEVELAND BUSINESS

Published: June 19, 2014 10:57 am ET
Updated: June 19, 2014 11:01 am ET

Related to this story

Topics Public Policy, United States, Aerospace

Power management company Eaton Corp. announced June 18 that it will pay $147.5 million to resolve “all litigation issues” with Triumph Group Inc. that were pending in Mississippi and North Carolina.

Other settlement terms are confidential, Eaton said in a news release.

The settlement concludes a decade of legal wrangling between the parties.

In 2004, Cleveland-based Eaton filed suit in Mississippi against Frisby Aerospace LLC — now a Triumph Group subsidiary known as Triumph Actuation Systems Clemmons LLC — alleging trade secret misappropriation. North Carolina-based Frisby Aerospace denied the charges and later filed suit against Eaton in North Carolina and Mississippi, alleging anticompetitive behavior.

“We believe it is in the best interests of our shareholders to put this matter behind us,” said Alexander M. Cutler, chairman and CEO of Eaton, in a statement. “We have been pursuing the return of our information and documents for ten years, and we are pleased the information and documents will be returned as part of the settlement. Both parties are best served by a permanent resolution of the matter.”

Eaton’s aerospace group uses plastics in seals, hoses and other systems.


Comments

Eaton to pay $147.5 million to resolve 'litigation issues' with Triumph Group

Scott Suttell
CRAIN'S CLEVELAND BUSINESS

Published: June 19, 2014 10:57 am ET
Updated: June 19, 2014 11:01 am ET

Post Your Comments


Back to story


More stories

Image

Bankruptcy court confirms GSE reorganization plan

July 29, 2014 4:01 pm ET

The U.S. Bankruptcy Court in Wilmington, Del., has confirmed the reorganization plan for geomembranes maker GSE Environmental Inc.    More

Image

Vinyl siding's lead slips, but industry pushing back

July 29, 2014 2:04 pm ET

Vinyl siding continues to be the top cladding choice for home builders and remodelers but fiber cement is gaining ground — at an alarming rate...    More

Image

Universal Polymer beefing up capabilities through acquisition

July 29, 2014 12:04 pm ET

Universal Polymer & Rubber Ltd. is growing again and adding to its capabilities, this time via another acquisition and a plant expansion.    More

Image

One51 adding injection molder Straight to its bin molding portfolio

July 29, 2014 10:12 am ET

Dublin-based One51 plc has had its purchase of British trash bin maker Straight plc cleared by the United Kingdom's Competition and Markets Authority.    More

Image

Formosa to be compensated for Vietnam riot

July 28, 2014 1:44 pm ET

Taiwan's Formosa Plastics Group will receive $2.39 million from the Vietnamese government and insurance companies for damages suffered during the anti...    More

Market Reports

Plastics Recyclers Data Report & Directory

This exclusive MS Excel database contains all the companies from Plastics News' ranking of top North American Recyclers and Brokers by reprocessed volume and also includes a directory with materials processes, services offered and company contact information. Data is based on primary research by PN editorial staff.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events