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News Breaks
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February 6, 2012
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| 09:45 EDT |  | CYBI |
| theflyonthewall.com: | Cybex to pay $19.5M to settle Barnhard product liability suit | | Cybex International announced that it has reached a settlement in the product liability litigation, Barnhard v. Cybex International, Inc. Pursuant to the settlement, Cybex will pay to the plaintiff, net of insurance, approximately $19,500,000 of which approximately $18,500,000 will be paid at the consummation of the settlement with the balance paid over seven years. As part of the settlement, Cybex will be released of all further liability with respect to the litigation, which will be dismissed with prejudice. Cybex will satisfy its cash obligation through available cash, its existing line of credit and additional financing, which it is in the process of arranging with its principal bank. Cybex Chairman and CEO said, “The positive financial impact of this settlement will be reflected in our Q4 results." :theflyonthewall.com |
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