Quantcast

Federal Signal Reports Unfavorable Court Ruling in Latvian Commercial Dispute - WCAX.COM Local Vermont News, Weather and Sports-

Federal Signal Reports Unfavorable Court Ruling in Latvian Commercial Dispute

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Federal Signal Corporation

OAK BROOK, Ill., June 13, 2014 /PRNewswire/ -- Federal Signal Corporation (NYSE: FSS) (the "Company"), a leader in environmental and safety solutions, announced today that a Latvian court returned a ruling against the Company's Bronto Skylift Oy Ab subsidiary in a lawsuit relating to a commercial dispute. The dispute involves a transaction for the 2008 sale of three Bronto units that were purchased by a financing company for lease to a Latvian fire department. The lessor and the Latvian fire department sought to rescind the contract after delivery, despite the fact that an independent third party, selected by the lessor, had certified the vehicles satisfied the terms of the contract.  The adverse judgment requires Bronto to refund the purchase price and pay interest and attorneys' fees. The Court denied the lessor's claim against Bronto for alleged damages relating to lost lease income. The ruling will not impact Bronto's operations or the ability to conduct its business in the future.

Federal Signal Corporation Logo.

The Company continues to believe that the claims against Bronto are weak and that Bronto fully satisfied the terms of the contract. The Company intends to pursue all available post-trial appeals to seek to have the ruling overturned. Legal counsel has indicated that the appeal process could take two years or more.

"We are extremely disappointed in the Court's ruling," said Jennifer L. Sherman, Federal Signal Corporation's Chief Operating Officer and General Counsel. "We believe we have a strong case and had anticipated a favorable outcome. We will closely review the legal reasoning applied by the Court in its full written decision, when issued, and anticipate filing an appeal to vigorously defend our position. However, based on our ongoing evaluation, the adverse judgment could result in the Company taking a charge for this one-time item."

As of March 31, 2014, the Company had not accrued any liability in its financial statements for this lawsuit. In evaluating whether a charge to record a reserve will be necessary, the Company will analyze all of the available information, including the legal reasoning applied by the Court in reaching its decision. This reasoning will be included in the full written judgment that is scheduled to be issued in the coming weeks. The amount of any associated charge could range from zero to approximately $4 million.

About Federal Signal
Federal Signal Corporation (NYSE: FSS) provides products and services to protect people and our planet. Founded in 1901, Federal Signal is a leading global designer and manufacturer of products and total solutions that serve municipal, governmental, industrial and commercial customers. Headquartered in Oak Brook, IL, with manufacturing facilities worldwide, the Company operates three groups: Environmental Solutions, Safety and Security Systems, and Fire Rescue. For more information on Federal Signal, visit: http://www.federalsignal.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This release contains unaudited financial information and various forward-looking statements as of the date hereof and we undertake no obligation to update these forward-looking statements regardless of new developments or otherwise. Statements in this release that are not historical are forward-looking statements. Such statements are subject to various risks and uncertainties that could cause actual results to vary materially from those stated. Such risks and uncertainties include but are not limited to: economic conditions in various regions, product and price competition, supplier and raw material prices, foreign currency exchange rate changes, interest rate changes, increased legal expenses and litigation results, legal and regulatory developments and other risks and uncertainties described in filings with the Securities and Exchange Commission.

Logo - http://photos.prnewswire.com/prnh/20120420/CG91760LOGO

©2012 PR Newswire. All Rights Reserved.

  • Local NewsMore>>

  • Sen. Jim Jeffords laid to rest

    Sen. Jim Jeffords laid to rest

    Friday, August 22 2014 7:02 PM EDT2014-08-22 23:02:59 GMT
    Sen. Jim Jeffords was one of Vermont's beloved public servants, with a career that took him from the hills of Shrewsbury to the U.S. Senate. Friday, in his hometown of Rutland, James Jeffords was laid to rest.
    Sen. Jim Jeffords was one of Vermont's beloved public servants, with a career that took him from the hills of Shrewsbury to the U.S. Senate. Friday, in his hometown of Rutland, James Jeffords was laid to rest.
  • Is it safe to move accused killer Elizabeth Teague?

    Is it safe to move accused killer Elizabeth Teague?

    Friday, August 22 2014 7:09 PM EDT2014-08-22 23:09:17 GMT
    The Vt. Dept. of Mental Health says scarce resources are part of the push to relocate alleged workplace shooter Elizabeth Teague to a facility with fewer regulations. Elizabeth Keatinge was at Friday's hearing.
    The Vt. Dept. of Mental Health says scarce resources are part of the push to relocate alleged workplace shooter Elizabeth Teague to a facility with fewer regulations. Elizabeth Keatinge was at Friday's hearing.
  • Police investigate death of 13-year-old in Hardwick

    Police investigate death of 13-year-old in Hardwick

    Friday, August 22 2014 2:49 PM EDT2014-08-22 18:49:31 GMT
    Investigators say a teen was found dead at a home in Hardwick Friday morning.
    Investigators say a teen was found dead at a home in Hardwick Friday morning.
  • Vt. police say all clear in Newport

    Vt. police say all clear in Newport

    Friday, August 22 2014 11:12 AM EDT2014-08-22 15:12:45 GMT
    Police say the threat is over in Newport. Thursday night, police had asked residents to lock their doors and stay inside while authorities searched for a gunman.
    Police say the threat is over in Newport. Thursday night, police had asked residents to lock their doors and stay inside while authorities searched for a gunman.
  • NY police try to ID pharmacy burglar

    NY police try to ID pharmacy burglar

    Friday, August 22 2014 3:39 PM EDT2014-08-22 19:39:59 GMT
    New York State Police hope the public can help identify a burglar.
    New York State Police hope the public can help identify a burglar.
  • Williston police try to ID paint thief

    Williston police try to ID paint thief

    Friday, August 22 2014 4:11 PM EDT2014-08-22 20:11:41 GMT
    Police are investigating an unusual theft at the Wal-Mart in Williston.
    Police are investigating an unusual theft at the Wal-Mart in Williston.
  • Driver of overweight big rig nabbed in Vermont

    Driver of overweight big rig nabbed in Vermont

    Friday, August 22 2014 5:13 PM EDT2014-08-22 21:13:34 GMT
    The Vermont Department of Motor Vehicles says a trucker carrying part of a giant crane to a state bridge job had too much weight on his rig and too much alcohol in his system.
    The Vermont Department of Motor Vehicles says a trucker carrying part of a giant crane to a state bridge job had too much weight on his rig and too much alcohol in his system.
  • Wire fraud convict has until Friday to object

    Wire fraud convict has until Friday to object

    Friday, August 22 2014 10:29 AM EDT2014-08-22 14:29:05 GMT
    A Vermont man convicted of wire fraud for submitting false invoices to a Maine town has reached the end of his allotted time to file objections to a pre-sentencing reporting.
    A Vermont man convicted of wire fraud for submitting false invoices to a Maine town has reached the end of his allotted time to file objections to a pre-sentencing reporting.
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WCAX. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.