Triumph Group Announces Settlement of All Litigation with Eaton Corporation
BERWYN, Pa. -- June 18, 2014
Triumph Group, Inc. (NYSE:TGI) today announced the settlement of all pending
litigation involving the company and its subsidiary, Triumph Actuation Systems
– Clemmons, LLC (formerly known as Frisby Aerospace, LLC), and Eaton
Corporation and certain of its subsidiaries.
As part of the settlement, Eaton has agreed to pay Triumph $135,300,000 in
cash. The Mississippi Supreme Court previously affirmed the dismissal with
prejudice of all claims of trade secret misappropriation brought in
Mississippi by Eaton and its affiliates against the company, Triumph Actuation
Systems – Clemmons and six engineers employed by Triumph Actuation Systems who
had formerly worked for an Eaton subsidiary. As part of the settlement,
Triumph agreed to dismiss with prejudice all counterclaims associated with the
litigation, as well as claims brought in Mississippi and North Carolina by
Triumph, its subsidiary and the engineers against Eaton and its affiliates for
wrongful conduct and anticompetitive activity in bringing and maintaining the
trade secret claims. The rest of the terms of the settlement are confidential.
Jeffry D. Frisby, Triumph’s President and Chief Executive Officer, said, “The
settlement announced today brings to an end almost ten years of costly and
burdensome litigation, and should eliminate any doubt about Triumph’s right to
compete legitimately in the market for aerospace hydraulic pumps and motors
and hydraulic systems. We look forward to deploying with renewed energy the
full range of our talents and expertise toward the development of advanced
technology products and solutions for our hydraulic product and systems
The company expects to address the settlement when it reports its first
quarter fiscal year 2015 results.
Triumph Group, Inc. headquartered in Berwyn, Pennsylvania, designs, engineers,
manufactures, repairs and overhauls a broad portfolio of aero structures,
aircraft components, accessories, subassemblies and systems. The company
serves a broad, worldwide spectrum of the aviation industry, including
original equipment manufacturers of commercial, regional, business and
military aircraft and aircraft components, as well as commercial and regional
airlines and air cargo carriers.
More information about Triumph can be found on the company’s website at
Statements in this release which are not historical facts are forward-looking
statements under the provisions of the Private Securities Litigation Reform
Act of 1995. All forward-looking statements involve risks and uncertainties
which could affect the company’s actual results and could cause its actual
results to differ materially from those expressed in any forward looking
statements made by, or on behalf of, the company. Further information
regarding the important factors that could cause actual results to differ from
projected results can be found in Triumph’s reports filed with the SEC,
including our Annual Report on Form 10-K for the fiscal year ended March 31,
Triumph Group, Inc.
Sheila G. Spagnolo
Vice President, Tax & Investor Relations
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