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BRIEF-Zumtobel ordered to pay former distributor Lledo 7.1 mln eur in damages
December 29, 2016 / 12:03 PM / 9 months ago

BRIEF-Zumtobel ordered to pay former distributor Lledo 7.1 mln eur in damages

Dec 29 (Reuters) - Zumtobel Group Ag

* Says as expected, tribunal granted former Spanish distributor Lledó damages for Zumtobel’s early termination of agreement in amount of eur 933,681.30 ( respective provision currently amounts to eur 1.3 million)

* Says tribunal also granted to Lledó a post-contractual indemnity of eur 6.2 million, on basis of a highly questionable legal argument, which naturally was not expected

* Says liability in connection with this arbitral award will be booked as special effect and has no impact on Zumtobel group’s existing guidance with respect to forecast for adjusted group EBIT for 2016/17 financial year

* Says no promising legal recourse is possible against this arbitral award Source text for Eikon: Further company coverage:

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