Crocs, Inc. and Skechers, Inc. Announce Settlement of Litigation
December 03 2008 - 8:01AM
Business Wire
Crocs, Inc. (NASDAQ:CROX) and�Skechers, Inc. (NYSE:SKX) today
announced that they have agreed to settle all outstanding worldwide
litigation, including a US District Court action in Colorado. The
lawsuits concern Crocs� proprietary footwear and allege
that�Skechers�infringed a number of Crocs� Patents and its trade
dress. Skechers denied all of the allegations and filed
counterclaims against Crocs. The lawsuits were resolved this week
when the parties were able to agree on settlement terms that are
mutually acceptable to both companies. While specific terms of the
agreement are confidential, Skechers has agreed to discontinue
production and sale of certain molded footwear styles and focus on
its core footwear styles. The companies jointly stated, �We are
pleased that we were able to resolve these matters without either
side having to absorb the energy and expense that ongoing
litigation requires. The companies expect that all pending matters
will be disposed of within the next 30 days.� About Crocs, Inc.
Crocs, Inc. is a designer, manufacturer and retailer of footwear
for men, women and children under the Crocs� brand. All Crocs�
brand shoes feature Crocs� proprietary closed-cell resin,
Croslite�, which represents a substantial innovation in footwear.
The Croslite� material enables Crocs to produce soft, comfortable,
lightweight, superior-gripping, non-marking and odor-resistant
shoes. These unique elements make Crocs� footwear ideal for casual
wear, as well as for professional and recreational uses such as
boating, hiking, hospitality and gardening. The versatile use of
the material has enabled Crocs to successfully market its products
to a broad range of consumers. Crocs� shoes are sold in 100
countries and come in a wide array of colors and styles. Please
visit www.crocs.com for additional information.
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