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MarketScreener Homepage  >  Equities  >  Nyse  >  AVX Corporation    AVX


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AVX CORP : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

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03/16/2020 | 03:52pm EDT

Item 1.01 Entry into a Material Definitive Agreement.

On March 12, 2020, AVX Corporation (the "Company") entered into a settlement agreement (the "Settlement Agreement") with the plaintiffs in the antitrust suit pending in the United States District Court, Northern District of California as In re: Capacitors Antitrust Litigation, No.14-cv-03264-JD, MDL 2801 (the "Class Action Suit"). Under the Settlement Agreement, in consideration for the release of the Company and their affiliates from all claims relating in any way to the conduct alleged in the Class Action Suit and from claims which could have been asserted in the Class Action Suit to the extent they relate to the sale of capacitors in the United States, the Company agreed to pay an aggregate of $65,000,000 to the settlement class of plaintiffs. Pursuant to the terms of the Settlement Agreement, the Company will pay an aggregate of $65,000,000 into an escrow account within 30 calendar days of the date of the Settlement Agreement. Under the terms of the Settlement Agreement the Company did not admit to any violation of any statute or law or to any liability or wrongdoing. The Settlement Agreement is subject to court approval. The settlement amount will be reflected on the Company's Condensed Consolidated Statements of Operations for the fiscal quarter ending March 31, 2020.

The foregoing description of the Settlement Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Settlement Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01  Financial Statements and Exhibits

(a)               Not Applicable

(b)               Not Applicable

(c)                Not Applicable

(d)               Exhibits

Exhibit Number                             Description
     10.1                   Settlement Agreement, dated March 12, 2020
     104        Cover Page Interactive Data File (embedded within the Inline XBRL


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Stocks mentioned in the article
ChangeLast1st jan.
AVX CORPORATION 0.00%End-of-day quote.5.81%
KYOCERA CORPORATION -1.62% 5835 End-of-day quote.-21.99%
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