A.C. Moore Arts & Crafts

Newark, NJ: (Jul-25-07) A former employee of A.C. Moore Arts & Crafts brought a civil claim against the company in the Superior Court of New Jersey. In a jury verdict announced on October 30, 2006, the jury decided on awarding the plaintiff $3.3 million plus interest and attorneys fees. The Confidential Settlement Agreement absolutely released the company, its successors, and related parties for any matter arising out of the subject matter of the civil action in exchange for a total settlement amount of $850,000, which the company estimates, will have a net after tax cost of $530,000. The civil action was dismissed with prejudice and without costs pursuant to a stipulation of dismissal. [STREET INSIDER: EMPLOYEE ACTION]

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Published on Jul-27-07