LAWSUITS NEWS & LEGAL INFORMATION
Fuel Efficient Contract
This is a settlement for the Commercial lawsuit.
New York, NY: (Nov-15-07) Australia's Permo-Drive Technologies Ltd. brought charges against Dana Corp., over a dispute that stemmed from an aborted plan to develop fuel efficient technology for US military vehicles like the Humvee. Records state that Toledo, Ohio-based Dana has been in Chapter 11 reorganization since March 2006 and aims to exit bankruptcy by the end of 2007. As per the contract that the two companies signed, Dana teamed up with Permo-Drive in 2003 to reach an agreement with the US Army to develop intelligent hydraulic drive technology for use on Humvees and other military vehicles. Dana also explored broader commercial applications for the technology, including for garbage trucks.
The suit stated that the technology involves a system of computer controlled pumps aimed at maximizing fuel efficiency. It also involves a system, developed in collaboration with Permo-Drive, which allows energy generated by vehicles making frequent stops to be recaptured and put to use. Dana's plans changed as its finances deteriorated. Owing to rising energy prices and production cutbacks by the biggest US auto makers, Dana filed for Chapter 11 protection and began selling businesses and other assets it considered non-core. As part of a settlement reached in the breach of contract lawsuit, Permo-Drive's $11.3 million damage claim against Dana would be reduced to a $1.3 million unsecured claim. [YAHOO: DANA CONTRACT]
Published on Nov-16-07
The suit stated that the technology involves a system of computer controlled pumps aimed at maximizing fuel efficiency. It also involves a system, developed in collaboration with Permo-Drive, which allows energy generated by vehicles making frequent stops to be recaptured and put to use. Dana's plans changed as its finances deteriorated. Owing to rising energy prices and production cutbacks by the biggest US auto makers, Dana filed for Chapter 11 protection and began selling businesses and other assets it considered non-core. As part of a settlement reached in the breach of contract lawsuit, Permo-Drive's $11.3 million damage claim against Dana would be reduced to a $1.3 million unsecured claim. [
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