Competitive Technologies, Inc. Resolves Litigation With Former Chief Executive Officer

Posted by in News

Jan 27 2012

As it appeared in Reuters

Friday, 27 Jan 2012 11:24am EST

Competitive Technologies, Inc. announced that it has settled all disputes with its former Chairman and CEO John B. Nano. Mr. Nano filed an arbitration demand against CTTC in September 2010 claiming that he was entitled to employment severance payments, while CTTC defended on the basis of its position that Mr. Nano was terminated for cause. By decisions in August and September 2011, the arbitrator awarded Mr. Nano the full amount of his claim, and in recent days the Superior Court of Connecticut confirmed the arbitration award to Mr. Nano. Pursuant to the settlement, CTTC has released to Mr. Nano from escrow the $750,000 deposited by CTTC following Mr. Nano’s application for a prejudgment remedy. CTTC will pay an additional $25,000 as settlement of additional amounts of statutory interest. The settlement includes mutual general releases of any and all claims either party has or had against the other.

 

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