Eaton, Triumph Group Reach Settlement

(RTTNews) - Eaton Corp. plc (ETN) said Wednesday that it and Triumph Group, Inc. (TGI) have signed an agreement that completely resolves all litigation issues between them with respect to actions pending in Mississippi and North Carolina.

The parties have agreed that Eaton will pay $147.5 million as part of the settlement. Other settlement terms are confidential.

Eaton filed suit in 2004 in Mississippi against Frisby Aerospace, LLC, now a Triumph Group subsidiary known as Triumph Actuation Systems - Clemmons, LLC, alleging trade secret misappropriation. North Carolina-based Frisby Aerospace denied the charges and later filed suit against Eaton in North Carolina and Mississippi, alleging anticompetitive behavior.