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US arbitrators award Kingspan over $40 million

By Patrick Raleigh, UT On-line news editorKingscourt, Ireland- Kingspan Group plc. has been awarded $40 113 735 plus interest of $5355 per day from 19 Sept in a case taken against Tate Global Corp. in the US. The case related to the Irish group’s $120-million acquisition of raised flooring firm Tate in January 2001. A panel of arbitrators of the American Arbitration Assocation in Washington found Tate liable “for breach of contract, common law fraud and federal and Pennsylvania securities law violations,” Kingspan said 10 Oct. “We are delighted that the binding arbitration case has been resolved in favour of Kingspan, and feel that the result vindicates the decision to proceed with the case,” said Eugene Murtagh, Kingspan chairman and ceo in a company statement. “Our lawyers will move to immediately enforce the judgement,” he added. “

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