NMB's Lawsuit Reached a Settlement

Resource from: CBCC Likes:2933

Apr 17,2007

NMB's Lawsuit Reached a Settlement Our company and our affiliated company, Nippon Miniature Bearing Corporation known as NMB Technologies Corp. (an American corporation) and Precision Motors Deutsche Minebea GmbH (a German corporation) (hereinafter collectively referred to as the "Plaintiff") filed a lawsuit with the United States District Court for the District of Columbia in March 1997 against Mr. Georg Papst who had lived in Germany and Papst Licensing GmbH & Co. KG and Papst Licensing Verwaltungsgesellschaft Mit Beschrankter Haftung (hereinafter referred to as "Papst Co., Ltd"), both of which are managed by this gentleman (hereinafter collectively the "Defendant") with respect to the problems arising out of or in connection with the Agreement which had been entered into in the past between the Plaintiff and the Defendant. In August 2006, based upon the decision against the Plaintiff given by the same District Court, we, the plaintiff, appealed in September 2006. Subsequently, we, the plaintiff carefully reviewed whether we should settle the case based on the cost for litigation. We now announce that both the Plaintiff and the Defendant have reached a settlement.

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