Brief: Psychemedics Says Entered Into Settlement Agreement To Resolve Contract Dispute

Psychemedics

23/09/2021 22:01

Sept 23 (Reuters) - Psychemedics Corp  PMD.O :
    * PSYCHEMEDICS - ENTERED SETTLEMENT AGREEMENT TO RESOLVE
CONTRACT
DISPUTE ON ALLEGED OBLIGATIONS TO A CUSTOMER IN LITIGATION WITH
SOME OF ITS FORMER STAFF
    * PSYCHEMEDICS CORP - PURSUANT TO AGREEMENT, AGREED TO PAY
CUSTOMER AN AGGREGATE OF $1.9 MILLION IN ADDITION TO $150,000
THAT WILL BE PAID BY CO'S INSURERS
    * PSYCHEMEDICS CORP - CO'S PAYMENT SHALL BE PAID IN
INSTALLMENTS
BY NOVEMBER 30, 2021
    * PSYCHEMEDICS CORP - CO WAS NOT A PARTY TO ANY OF THESE
WRONGFUL
TERMINATION CLAIMS AND CUSTOMER WAS IN CONTROL OF DEFENDING EACH
CLAIM
    * PSYCHEMEDICS CORP - ANTICIPATES FUNDING ITS PAYMENT
OBLIGATION
UNDER SETTLEMENT AGREEMENT THROUGH EXISTING CASH ON HAND

Further company coverage:  PMD.O 

 ((Reuters.Briefs@thomsonreuters.com;))