Top

Crane to Make Good on Costly Sidewall Issue

  Print Print

April 22, 2009 by   1 Comment

Crane Co. announced Tuesday (April 21) that on April 17, the company reached agreement to settle a previously disclosed lawsuit brought by Coachmen Industries Inc. alleging failure of the company’s fiberglass-reinforced plastic material used for sidewalls in RVs.

As previously reported, a liability verdict was rendered by a jury in this lawsuit on Jan. 27, with the damages to be determined by a second jury later this year.

The aggregate damages sought by Coachmen totaled approximately $65 million and included approximately $20 million in repair and other direct costs allegedly incurred, as well as approximately $45 million in other consequential damages such as lost market share and lost profits.

In a mediation, Stamford, Conn.-based Crane agreed to pay Coachmen an aggregate of $17.75 million in several installments through July 1, 2009. Based upon both insurer commitments and liability estimates previously recorded, Crane recorded a pre-tax charge of $7.75 million in connection with this settlement.

[Slashdot] [Digg] [Reddit] [del.icio.us] [Facebook] [Technorati] [Google] [StumbleUpon]

Comments

One Response to “Crane to Make Good on Costly Sidewall Issue”

  1. Ron Shultz on April 22nd, 2009 12:23 pm

    I like your new website and I look forward to it with appreciation for the information relative to the status of the industry nation wide. I also pay attention to topics on “tech talk” and often save that information. Thanks and keep on promoting the RV Lifestyle and encouraging the dealers to HANG IN THERE!

Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!





*

Bottom