RPM Says Jury Rendered Verdict Against Subsidiary For $190M, Consisting Of Both Compensatory And Punitive Damages - Filing
Portfolio Pulse from Benzinga Newsdesk
RPM International's subsidiary has been ordered to pay $190 million in damages following a lawsuit. The company plans to challenge the verdict and has set aside a liability at the low end of the estimated range.
September 30, 2024 | 11:02 am
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RPM International's subsidiary has been ordered to pay $190 million in damages due to a lawsuit involving breach of contract, misappropriation of trade secrets, and fraud. RPM plans to challenge the verdict.
The $190 million verdict against RPM's subsidiary is significant and could impact RPM's financials. The company's intention to appeal suggests uncertainty in the final outcome, but the current liability accrual at the low end indicates RPM's confidence in reducing the damages.
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