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10.11 13:51:49

Mega Brands settles Rosen case - USA

Mega Brands has announced the settlement of all outstanding litigation with members of the Rosen family. The Rosens filed suit in 2006 claiming earnout payments and damages relating to the Rose Art acquisition.

 

Mega Brands countersued claiming the Rosens withheld and misrepresented information about serious defects in the Magnetix product line purchased as part of the transaction.

 

‘‘This is great news for our company. The settlement validates our long-standing view that serious defects in Magnetix were not disclosed to Mega Brands before it acquired Rose Art. It also justifies the company’s decision to dispute the Rosens’ claim to an earnout,’’ said Marc Bertrand, President and CEO of Mega Brands.

 

Under the terms of the settlement, Mega Brands will receive cash of approximately $17.2 million.

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