Cybex International (CYBI)

[mlkrborn]

CYBI 0,65.. Fine reduced?
"Cybex reports Appellate decision in product liability suit; Division reduced the judgment by ~31%, to ~$44 mln (CYBI) 0.95 : Co reported that the Appellate Division of the Supreme Court of the State of New York, has rendered a decision in the co's appeal of the previously announced jury verdict in the product liability litigation, Barnhard v. Cybex International. The Appellate Division reduced the judgment by ~31%, to ~$44 million. Under New York law, co is responsible for payment of the judgment but will seek reimbursement from the co-defendant of ~21% of its payments on the judgment, which results in a net liability to co, after insurance, of ~$33 mln plus interest at the annual rate of 9% which accrues on the modified judgment from the judgment date. The judgment was otherwise affirmed."