Climax Technology Reaches Settlements in US Product Liability Litigation
Climax Technology (TPE:7689) has completed the execution of settlement agreement with all parties to a US product liability litigation, according to a Tuesday filing with the Taiwan Exchange.The wireless home security systems maker was involved in the Wielgopolski case before the Court of Common Pleas of Philadelphia County and the Allied World case before the US District Court for the Eastern District of Pennsylvania.After reaching a settlement with Allied world, the company has reached a settlement with Medical Guardian and Affiliated Monitoring of around $2 million.Following the agreement, the federal action has been dismissed and terminated by court order while the state court action will also be dismissed once the plaintiff completes the settlement approval process.
