CHMP ,,, Champion Industries Settles Lawsuit
Wednesday May 11, 5:05 pm ET
Champion Industries Settles Mississippi Lawsuit for Less Than Half Original Award
HUNTINGTON, W.Va. (AP) -- Champion Industries Inc., a commercial printer and office products supplier, said Wednesday that it agreed to pay $440,000 to settle a Mississippi lawsuit charging the company with unfair competition in its hiring of employees from a competitor.
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The suit charged that Champion and its Dallas Printing Co. business acted unfairly by hiring certain employees of National Forms & Systems Group Inc., an office supply company based in Jackson, Miss.
A jury originally awarded the plaintiff $1.7 million in actual damages and $750,000 in punitive damages, along with attorney fees and expenses. This judgment was overturned on appeal and the appellate court granted a new trial on the plaintiff's claims.
Under the settlement, Champion agreed to pay the $440,000 and to release a $60,276 cost judgment award granted as a result of the reversal on appeal. All claims will be dismissed with prejudice, Champion said.
"While we feel that our position in this dispute was well founded, the uncertainty of the outcome upon retrial and the anticipated expense associated with a new trial dictated that we seek a reasonable compromise," Marshall T. Reynolds, Champion chairman and chief executive, said in a statement.
Champion shares closed up 2 cents at $3.92 on the Nasdaq.
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