Magnetek settles patent legal dispute

Menomonee Falls-based Magnetek Inc. has settled a patent infringement claim by Ole K. Nilssen and Geo Foundation Ltd. Under the terms of the agreement, Magnetek has agreed to pay $18.75 million to the plaintiffs. Magnetek had appealed an April U.S. District Court award in the case. Nilssen and Geo asked the court to award them an additional $5.9 million in interest. "While we were disappointed with the ruling in this case, we felt it was in Magnetek’s best interests to put this issue behind us," said Magnetek president and chief executive officer David Reiland. "Although the settlement amount is not insignificant, after making the payment, we remain debt-free with over $12 million in cash available to fund our growth initiatives and ongoing operations."

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display