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Symbol Technologies Announces Final Approval of Telxon Corporation Class Action Lawsuits

Thursday 12 February 2004 19:17 CET | News

Symbol Technologies, has announced that the United States District Court in the Northern District of Ohio gave final approval to the pending shareholder class action lawsuit against Symbols wholly owned subsidiary, Telxon Corporation, and two former officers of Telxon. Under the settlement agreement, which in November 2003 was tentatively agreed to and announced and today was approved, Telxon will pay $37 million to the class. As a result of anticipated contributions by Telxons insurers, Telxon expects that its net payment will be no more than $25 million. Telxon has not settled its lawsuit against its former auditors, PricewaterhouseCoopers, and, as part of the approved settlement of the class action announced today, Telxon has agreed to pay to the class, under certain circumstances, up to $3 million of the proceeds of that lawsuit. The lawsuits were initially filed in 1998, more than one year before Symbol Technologies acquired Telxon Corporation on November 30, 2000.

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Categories: Payments & Commerce | Payments General
Countries: World
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