FLIR Systems Announces Agreement to Settle Pending Litigation for $39M
FLIR Systems, Inc. (NASDAQ: FLIR) today announces that it has entered into a definitive agreement with William J. Parrish and E. Timothy Fitzgibbons to settle claims filed in 2008 arising out of FLIR's acquisition of Indigo Systems Corporation in 2004, Plaintiffs' ensuing employment with FLIR, and litigation between the parties filed by FLIR in 2006.
Under the terms of the settlement agreement, FLIR will make a cash settlement payment of $39 million to Plaintiffs for dismissal of all claims in the current litigation and a non-exclusive license for use of certain infrared technology. The case was pending in the California Superior Court for the County of Santa Barbara.
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