Is it possible to stay in a business relationship after a lawsuit? Well, a recent case study would give a resounding yes. This week, Insituform Technologies announced that it has settled its lawsuit against Per Aarsleff A/S, the Company’s joint venture partner in Germany and the United Kingdom and a former licensee of the Insituform CIPP process in Northern and Eastern Europe, Russia and South Africa, which proceeding was pending in Memphis, Tennessee. In connection with the settlement, Per Aarsleff will pay the Company $8.5 million in a lump sum in the next ten days.
In June 2005, the Company filed a lawsuit in the United States District Court for the Western District of Tennessee against Per Aarsleff A/S and certain of its subsidiaries and affiliates seeking, among other things, monetary damages for the breach by Per Aarsleff of its license and implied license agreements with the Company and for royalties owed by Per Aarsleff under the license and implied license agreements. Per Aarsleff had made counterclaims against the Company in the litigation as well. As a result of the settlement, each side has provided general releases to the other and neither side has admitted liability on any claims in this litigation.
Per Aarsleff remains a 50% partner in the Company’s German joint venture and a 25% partner in the Company’s manufacturing company in Great Britain.
Tags: 501c3, accountants, Accounting, accounting services, ACH transactions, activities, amendment, apostille, assumed name, balance, banking, bill payment service, brad inman, business banking, business filings, business finance, business licenses, business services, c-corp, CALIFORNIA ASSOCIATION OF REALTORS, CEO mobile service, certification of good standing, certified copy, certified public accountants, compliance services, consumers, conversion, corporate banking, corporate kit, corporate law, corporate services, corporation, CPA’s, DBA, dissolution, document, document retrieval, elawyering, eni number, entertainment business, fast incorporation, fast LLC, federal tax wires, financial findings, foreign qualification, form a business, Free LLC, getting a trademark, incfile, incorporate, incorporation, independent director, independent member, joel singer, lawsuit, legal document, legal issues, legal zoom, legalzoom, limited liability company, limited liability partnership, limited partnership, LLC, long beach, megan minich, merger, mobile banking, mobile version, name preservation, non-profit, non-profit companies, online banking, professional practice, registered, registered agent service, reinstatement, reporting information, residential brokerage, rocket lawyer, s-corp, seal, secretary of state, service mark, small business tools, solutions, springing member, start an entertainment company, start your own company, stock designation, tax identification number, tax-exempt, tech tuesday, trademark, UCC filings, ucc search, users, Vcorp, vcorp services, wells fargo, wired for change