22nd Jun 2015 09:09
LONDON (Alliance News) - Dewhurst PLC on Monday said it has reached a settlement in a dispute involving its Hungarian subsidiary and AIG Specialty Insurance.
In January 2014, Dewhurst said its Dewhurst Hungary KFT subsidiary had received a complaint from AIG claiming USD7 million after the alleged product failure of a component it supplied to a third party.
Dewhurst, which supplies components to the lift, keypad and transport industries, said the lawsuit, filed in Arizona, has been dismissed and said its Hungarian arm and AIG have agreed a confidential full and final settlement on the complaint.
It said the settlement will have no material impact on its expectations for 2015.
Shares in Dewhurst were untraded Monday, having last traded at 585.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Dewhurst