Building materials group Kingspan has announced a $36 million (€26.9 million) settlement with former shareholders in US-based Tate Global Corporation.
The dispute arose from the acquisition of Tate Global by Kingspan in January 2001 for $120 million. The company performed disappointingly and major contracts did not appear.
In October 2003, a US arbitration panel awarded the company over $40 million plus interest, which Tate's former shareholders appealed in federal court.
According to a statement from Kingspan, the $36 million has been received and booked into the company's accounts for 2004.
The company said the settlement brings to an end "all pending litigation and any assertions of wrongdoing on the part of the former Tate Global Corporation shareholders in connection with the sale of their stock".
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