RPM International's Subsidiary To Vigorously Challenge $190 Mln Verdict In Oregon Lawsuit

RPM International

122.32 CHF 1.70%

• Charts
• News
• Analysen

Kaufen / Verkaufen

(RTTNews) - RPM International Inc. (RMP) revealed Monday in a Form 8-K filing with the U.S. Securities and Exchange Commission that it will vigorously challenge the $190 million verdict against its subsidiaries in its Consumer reportable segment through all appropriate post-trial motions and appellate processes.

A lawsuit filed in the United States District Court for the District of Oregon in which a former supplier of that subsidiary alleged that the RPM's subsidiary breached certain contractual obligations, misappropriated trade secrets, and committed fraud. The company's subsidiary denied, and continues to deny, these allegations.

On September 27, 2024, the jury rendered a verdict against the company's subsidiary for $190.0 million, consisting of both compensatory and punitive damages.

The company currently estimates a range of possible outcomes between approximately $0.5 million and $190.0 million, and have accrued a liability as of August 31, 2024, at the low end of the range.

The company added that the ultimate loss to the company with respect to the litigation matter could be materially different from the amount the company has accrued.