AlliedSignal and Breed Technologies settle multi-million dollar accounting fraud litigation in Florida
Clients AlliedSignal Recovery Trust
Jones Day represented Breed Technologies first, then AlliedSignal Recovery Trust, as plaintiff in a fraud action filed in Florida's Tenth Judicial Circuit Court in Polk County, Florida. Our client alleged that AlliedSignal had fraudulently overstated the performance of its safety restraints division (a manufacturer of seat belts and other safety restraints for cars) and concealed information showing that the division's performance and prospects were not as favorable as represented. After five years or more of pretrial practice, including a side trip through the federal court system and several visits to Florida's Second District Court of Appeal, this case was tried in the first three months of 2006. It ended in a defense verdict. Our client filed a new trial motion and the trial court denied it. The parties subsequently reached a settlement under which our client agreed not to appeal and the defendant agreed not to seek costs.
Breed Technologies, Inc. v. AlliedSignal Recovery Trust, Case No. G-99-2478 (Polk Cty., Fla. 10th Cir., March 24, 2006)