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Longstanding Jenner & Block client SPX Corporation announced that it has reached a $ 20 million settlement with VSI Holdings, Inc., resolving outstanding litigation between the companies on June 9. SPX is a Fortune 500 Company whose shares are traded on the New York Stock Exchange. It is a leading global provider of flow technology, test and measurement solutions, thermal equipment and services and industrial products and services.
As previously reported in SPX's public filings, SPX has been subject to a lawsuit filed by VSI in the Fall of 2001 seeking to compel SPX to complete a $197.0 million acquisition of VSI or to award damages to VSI and its shareholders. VSI’s pre-trial damages estimates exceeded $300 million.
The trial began on April 11, 2006 before a nine-person jury in federal court in Detroit, Michigan. The matter settled, while VSI was still in its case-in-chief, using a novel structure in which jurors were asked to immediately cast secret, individual written ballots on whether they favored VSI or SPX’s position. Based on the results of those ballots, and the trial proceedings to date, VSI agreed to compromise its claims.
SPX was represented at trial by Jenner & Block Partners Ross B. Bricker, David J. Bradford, John F. Ward, and Daniel J. Winters and Associates Sally K. Sears Coder and Courtney M. Beemer.