Tutor Perini Announces Favorable Arbitration Decision
September 30 2020 - 7:21PM
Business Wire
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading
civil, building and specialty construction company, announced today
that on September 28, 2020, the Company received a partial final
arbitration award of approximately $23.6 million against Gary
Segal, the former owner, president and CEO of Five Star Electric
Corporation (“Five Star”), a wholly owned subsidiary of the Company
that was acquired in 2011. The arbitrator found, among other
things, that Mr. Segal breached his employment agreement and
breached the fiduciary duties the law imposed on him as president
and CEO of Five Star. As the prevailing party, the Company will
seek recovery of its attorneys’ fees and pre- and post-judgment
interest. This matter will now proceed to the final phase of
arbitration.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and
specialty construction company offering diversified general
contracting and design-build services to private clients and public
agencies throughout the world. We have provided construction
services since 1894 and have established a strong reputation within
our markets by executing large, complex projects on time and within
budget while adhering to strict quality control measures.
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Tutor Perini Corporation Jorge Casado, 818-362-8391 Vice
President, Investor Relations and Corporate Communications
www.tutorperini.com
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