Courtesy of Benzinga.
Manitex International, Inc. (Nasdaq: MNTX) today announced that, a recent decision from the Fifth Circuit Court of Appeals overturned a decision that favored Manitex and held its insurers liable for damages. As a result, pursuant to a May 5th, 2011 settlement agreement, with two plaintiffs relating to damages from legacy products that the company no longer sells nor supports, Manitex has become liable to make combined payments of $95,000 annually to the two plaintiffs over a twenty year period, without interest.
The total of all payments is $1.9 million, and Manitex expects to record a one-time exceptional expense of approximately $0.8 million, net, after-tax, against its fourth quarter and full year 2011 GAAP financial results.
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