*NEWS*XEROX CANADA ORDERED TO PAY $89MIL.

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*NEWS*XEROX CANADA ORDERED TO PAY $89MIL.

 user 2005-09-12 at 11:16:00 am Views: 55
  • #12714

    Xerox Canada told to pay MPI Technologies $89 million US plus interest

    TORONTO  – An
    arbitration tribunal has awarded $89 million US plus interest to MPI
    Technologies as the result of a contract dispute between it and Xerox
    Canada, a wholly owned subsidiary of the photocopier and printer giant.

    Xerox Canada said Friday it and parent Xerox Corp. are reviewing the tribunal’s decision and expect to seek a judicial review.

    In the meantime, Xerox Corp. expects to accrue a pre-tax charge of
    approximately $89 million US, plus any interest, in the third-quarter
    of 2005.

    The dispute is related to a licence agreement from March 15, 1994, between MPI and Xerox Canada Ltd.

    MPI had claimed damages of $68.9 million US for royalties owed under
    the agreement, $35 million US for breach of fiduciary duty, $35 million
    in punitive damages and unspecified damages with respect to alleged
    copyright infringement.