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Article: MEGA Brands wins litigation settlement.
- Article from:
- PR Newswire
- Article date:
- November 9, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MONTREAL, Nov. 9 /PRNewswire-FirstCall/ -- MEGA Brands Inc. (TSX: MB) is pleased to announce the settlement of all outstanding litigation with Lawrence Rosen, Jeffrey Rosen and Sydney Rosen (the "Rosens"). The Rosens filed suit in 2006 claiming earnout payments and damages relating to the Rose Art acquisition. MEGA Brands countersued claiming the Rosens withheld and misrepresented information about serious defects in the Magnetix product line purchased as part of the transaction.
"This is great news for our company. The settlement validates our long-standing view that serious defects in Magnetix were not disclosed to MEGA Brands before it acquired Rose Art. It ...