WIKA Instruments lawsuit against Ashcroft Inc.
First written in FY2017-Q2. 2 of 3 entries say "Materialised", first in FY2017-Q3. Latest entry: FY2017.
- FY2017MaterialisedAnnual report
「Ashcroft Inc., a consolidated subsidiary of the Company located in Connecticut, United States, had been sued by WIKA Instruments, LP, which is located in Georgia, United States, in the U.S. District Court for the Northern District of Georgia in Atlanta. A settlement was reached between WIKA Instruments, LP and Ashcroft Inc. in February 2017, and a litigation settlement payment of ¥873 million was made in March of the same year. The Company also received ¥582 million in insurance proceeds under its insurance coverage.」
The lawsuit was settled, and a settlement payment of ¥873 million and insurance proceeds of ¥582 million were recorded in the full-year results. - FY2017-Q3MaterialisedAnnual report
「Ashcroft Inc., a consolidated subsidiary of the Company, had been sued by WIKA Instrument, LP, but a settlement was reached in February 2017. Accordingly, settlement payments and other amounts paid to WIKA Instrument, LP have been recorded as litigation settlement expenses. Insurance proceeds received represent insurance coverage for these amounts.」
The lawsuit was settled in February 2017, and litigation settlement expenses of ¥758 million and insurance proceeds of ¥505 million were recorded. The litigation risk materialized as an actual cash outflow and insurance income. - FY2017-Q2First statedAnnual report
「Litigation matters: Ashcroft Inc., a consolidated subsidiary of the Company, has been sued by WIKA Instruments, LP. Settlement negotiations are under way regarding the damages claim, and the Group's results may be affected depending on future developments, but the amount of any impact cannot reasonably be estimated at this time. Negotiations are also under way regarding the amount covered by insurance.」
A consolidated subsidiary has been sued, and settlement negotiations are under way regarding both the damages claim and the amount covered by insurance. Although a potential impact on results has been indicated, the amount of the impact cannot be reasonably estimated.