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.