AIA Engineering has entered into settlement agreement with Magotteaux International (MI), Belgium, in a patent infringement case between MI and the company, involving Sintercast products in USA. AIA Engineering said that it has entered into an agreement with MI to avoid uncertainty of the outcome of further litigation and legal and other expense including of the current ongoing litigation and to resolve the dispute amicably and avoid further damages and litigation costs.
Pursuant to the said settlement agreement entered into with MI, AIA Engineering has paid $ 6 million on December 16, 2013 to MI in consideration of the dismissal of the litigation and mutual release from claims among the parties.
On September 19, 2013, the US District Court had passed a judgement asking AIA Engineering to pay MI approximately $7.2 million for causing damages.
Pursuant to the said settlement agreement entered into with MI, AIA Engineering has paid $ 6 million on December 16, 2013 to MI in consideration of the dismissal of the litigation and mutual release from claims among the parties.
On September 19, 2013, the US District Court had passed a judgement asking AIA Engineering to pay MI approximately $7.2 million for causing damages.