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Magnetek settles legal dispute

By Associated Press
June 13, 2008 | Comments (0)

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Magnetek Inc. said it agreed to settle a dispute with Ole K. Nilssen and Geo Foundation Ltd. over a patent infringement claim against the digital power company.

Under the terms of the settlement agreement, Magnetek said Thursday it agreed to pay almost $18.8 million by June 14.

In April, a U.S. district court in Illinois confirmed an arbitration award in favor of Nilssen and Geo for $22 million. Magnetek then filed an appeal and Nilssen and Geo asked the court to award them an additional $5.9 million for interest.

Magnetek then filed a motion in opposition to that amount.

The settlement agreement settles all the claims, the company said.

Magnetek Chief Executive David P. Reiland said it was in the company's best interests to settle the case.

Shares of Magnetek were unchanged in premarket trading from Thursday's closing price of $4.56.

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