Flir to Settle Pending Litigation
PORTLAND, Ore., May 24, 2011 — Flir Systems Inc. has settled its litigation with William J. Parrish and E. Timothy Fitzgibbons (“Plaintiffs”), pending from a 2008 suit. The litigation arose from the company’s acquisition of Indigo Systems Corp. in 2004, the Plaintiffs’ ensuing employment with Flir and litigation between the parties filed by Flir in 2006.
Under the terms of the settlement, Flir will make a $39 million cash settlement to the Plaintiffs for dismissal of all claims in the current litigation and nonexclusive license for use of certain infrared technology.
The case was pending in the California Superior Court in Santa Barbara County.
Flir Systems designs, manufactures and markets sensor systems that enhance perception and awareness. Its thermal imaging and threat detection systems are used for a variety of imaging, thermography and security applications.
For more information, visit: www.flir.com