American Defense Systems, Inc. (NYSE Amex: EAG), a leading provider of advanced transparent and opaque armor, architectural hardening and security products for Defense and Homeland Security, has settled its lawsuit against Southern California Gold Products, Inc., dba Gypsy Rack, and a second defendant in the same action, James McAvoy, for $250,000 paid to ADSI.
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The complaint against the defendants asserted six counts: misappropriation of trade secrets and confidential information; breach of contract; unfair competition; conversion; violation of the Lanham Act; and interference with prospective economic advantage. Under the terms of the settlement, the defendants did not concede any fault or liability. The settlement also entitles ADSI to receive a percentage of the proceeds Gypsy Rack may receive as a result of an ongoing lawsuit Gypsy Rack has initiated against certain insurance companies, which involves claims against these insurance companies that arose out of Gypsy Rack's defense against claims by ADSI. Additional information about the lawsuit is available in ADSI's Form 10-Q filing with the U.S. Securities and Exchange Commission for the quarter ended September 30, 2009.
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