Thursday, October 05, 2017 8:58:49 AM
MINNEAPOLIS, Oct. 5, 2017 /PRNewswire/ -- Appliance Recycling Centers of America, Inc. (ARCI) ("ARCA" or the "Company"), a leading provider of appliance retailing and recycling services, today announced that the Hennepin County District Court, State of Minnesota, has granted final approval of a settlement of the stockholder derivative lawsuit captioned Gray, et al. v. Cameron, et al.
The plaintiffs in this lawsuit sought to assert claims derivatively on behalf of ARCA against certain of the Company's current and former officers and directors. The settlement resolves all claims asserted in the lawsuit. The final approval was granted by the court on September 29, 2017.
ARCA and the other defendants vigorously denied plaintiffs' allegations, and have not admitted any liability or wrongdoing as part of the settlement. The court made no findings or determinations with respect to the merit of plaintiffs' claims, and no payment is being made by ARCA or the other defendants.
As a condition of the settlement, ARCA has agreed to provide certain training to employees in the Company's accounting department for a period of one year. The court also granted an application by plaintiffs' counsel for attorneys' fees, to be paid by the Company's insurance carrier. Other than this award of attorneys' fees, no payment or other consideration was paid by ARCA nor its officers or directors in connection with the settlement.
About ARCA
ARCA's business components are uniquely positioned to work together to provide a full array of appliance-related services. ARCA's regional centers process appliances at end of life to remove environmentally damaging substances and produce material byproducts for recycling for utilities in the U.S. and Canada. Eighteen company-owned stores under the name ApplianceSmart, Inc.® sell new appliances directly to consumers and provide affordable ENERGY STAR® options for energy efficiency appliance replacement programs.
View original content with multimedia: http://www.prnewswire.com/news-releases/appliance-recycling-centers-of-america-resolves-lawsuit-300531534.html
SOURCE Appliance Recycling Centers of America, Inc.
Copyright 2017 PR Newswire
Recent JAN News
- Jangada Mines PLC Interim Results • RNS Regulatory News • 09/13/2024 11:00:00 AM
- Blencowe Resources PLC • RNS Regulatory News • 09/05/2024 08:57:11 AM
- Blencowe Resources PLC • RNS Regulatory News • 09/02/2024 09:08:35 AM
- Blencowe Resources PLC • RNS Regulatory News • 07/22/2024 06:00:13 AM
- Blencowe Resources • RNS Regulatory News • 07/15/2024 07:00:01 AM
- Blencowe Resources PLC • RNS Regulatory News • 07/08/2024 06:00:08 AM
- Jangada Mines PLC Result of AGM • RNS Regulatory News • 07/04/2024 11:39:21 AM
- SIMEC Atlantis plots Scotland project • Alliance News • 06/11/2024 06:12:21 PM
- Jangada Mines PLC Final Results & Notice of AGM • RNS Regulatory News • 06/11/2024 06:00:09 AM
- Blencowe Resources PLC • RNS Regulatory News • 06/10/2024 08:14:15 AM
- Blencowe makes progress on Uganda project feasibility study work • Alliance News • 04/15/2024 09:17:34 AM
- Blencowe Resources PLC • RNS Regulatory News • 04/15/2024 07:59:54 AM
- Blencowe receives third tranche of funding for graphite project • Alliance News • 04/10/2024 11:40:50 AM
- Blencowe Resources • RNS Regulatory News • 04/10/2024 09:37:31 AM
- Power Metal firms Tati gold; Union Jack inks deal • Alliance News • 02/06/2024 05:35:59 PM
- Blencowe Resources • RNS Regulatory News • 02/06/2024 08:35:41 AM
- Blencowe Resources • RNS Regulatory News • 01/29/2024 08:26:54 AM
- Blencowe Resources • RNS Regulatory News • 01/25/2024 08:53:00 AM
- Blencowe Resources ships bulk graphite to China for testing • Alliance News • 01/02/2024 11:55:08 AM
- Blencowe Resources • UK Regulatory • 01/02/2024 10:10:00 AM
- Goldplat profit tumbles despite revenue jump • Alliance News • 12/18/2023 06:33:58 PM
- Fodere Titanium • UK Regulatory • 12/18/2023 07:00:00 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM