LAWSUITS NEWS & LEGAL INFORMATION
Toyota Motor Engineering & Manufacturing North America Inc.
Washington, DC: (Jul-23-07) Collins & Aikman Corp. brought a lawsuit against Toyota Motor Engineering & Manufacturing North America Inc., over money owed for parts made by Collins & Aikman's plastics and soft-trim divisions. Collins & Aikman claimed Toyota owed more than $9 million for parts made by its plastics and fabrics division and $437,285 for carpeting and acoustical pieces made by its soft-trim unit. Toyota, however, disputed the amount and instead claimed it had the right to a setoff of nearly $1.5 million.
In a settlement reached, Toyota agreed to pay Collins & Aikman $7 million for parts it sold to the auto maker before Jan. 1, 2008 and to release an additional $500,000 held in a trust account. Collins & Aikman said the settlement was reached in order to stop it from spending significant sums to continue litigation with Toyota. [FORBES: PLASTIC PARTS]
Published on Jul-24-07
In a settlement reached, Toyota agreed to pay Collins & Aikman $7 million for parts it sold to the auto maker before Jan. 1, 2008 and to release an additional $500,000 held in a trust account. Collins & Aikman said the settlement was reached in order to stop it from spending significant sums to continue litigation with Toyota. [FORBES: PLASTIC PARTS]
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