RIDEQ: 3.26 +2.85%
52 high :43,6500
Maybe they only have to pay 4.44% of what Karma first asked.
I hope we see 3.5 - 3.7 today and ... at least 4 by the end of the week.
Aug 15 (Reuters) - Lordstown Motors said on Tuesday it
had reached a $40-million settlement with Karma Automotive over
a 2020 lawsuit in which the now-bankrupt electric vehicle firm
was accused of stealing proprietary technology.
The settlement, placed with the bankruptcy court for
approval, involves $5 million to be paid as royalty for the use
of Karma's intellectual property, which Lordstown was accused of
having misappropriated.
California-based Karma had sued Lordstown for allegedly
poaching its employees and stealing technology used in vehicles'
infotainment systems. That case is scheduled for trial in
September.
In June, electric truck company Lordstown filed for
bankruptcy protection and put itself up for sale after failing
to resolve a dispute over a promised investment from Taiwan's
Foxconn .
According to a filing, Lordstown's debtors have requested
the settlement to be approved by the bankruptcy court on or
before August 28, but a hearing has not been scheduled so far.
In case the settlement is not approved and the case goes to
trial, Lordstown will continue to defend against Karma's claims,
the filing added.
AI
