Flir Settles Former Executives' Technology Claims For $39 Million

Date : 05/20/2011 @ 5:54PM
Source : Dow Jones News
Stock : Flir Systems, Inc. (MM) (FLIR)
Quote : 38.29  0.0 (0.00%) @ 4:00AM

Flir Settles Former Executives' Technology Claims For $39 Million

Flir Systems, Inc. (MM) (NASDAQ:FLIR)
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Flir Systems Inc. (FLIR) said it will pay two former executives $39 million to settle claims over the night-vision goggle maker's use of infrared technology obtained through a past acquisition.

The claims arose after Flir's 2004 acquisition of Indigo Systems Corp. brought onboard Indigo's cofounder William J. Parrish and Chief Executive Timothy Fitzgibbons, who in 2006 filed suits against Flir and added claims in 2008 over its use of the acquired company's intellectual property. The former employees on Friday agreed to dismiss the claims in exchange for a nonexclusive license to use the infrared technology, Flir said.

"We are happy to move past this litigation and feel the settlement is in the best interests of FLIR's shareholders and employees," President and Chief Executive Earl R. Lewis said. "Eliminating the distraction and expense that accompanies such a case will allow our management team to focus on growing our business and developing the most technologically advanced, cost-effective thermal imaging and threat detection systems in the industry."

Flir shares fell 1.1% to $36.63 Friday and were inactive after-hours. The stock has climbed 31% over the past 12 months.

An attorney listed as representing Parrish and Fitzgibbons was not immediately available for comment.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;

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