LAWSUITS NEWS & LEGAL INFORMATION
Former Executives Paid
Newfoundland, Canada: (Apr-14-08) Mark D. Dobbin, Paul J. Conway and S. Maxwell Parsons, former executive officers of Vector Aerospace Corporation, brought charges against the company, seeking termination payments and benefits under their employment arrangements. Vector is an independent provider of aviation repair and overhaul, who supplies services to commercial and military customers for various types of gas turbine engines, components and helicopter structures.
As part of a settlement reached, sources close to the case stated that Vector and Dobbin agreed to a final settlement of their respective claims against each other in April 2007, and the claims were dismissed. A settlement was also reached with Paul J. Conway and S. Maxwell Parsons, in which Vector Aerospace Corporation agreed to pay them $5 million and $1.3 million respectively. Vector officials stated that the payment will have no affect on its income before tax. Sources said that the settlement was reached with the assistance of a pre-trial settlement conference with the Newfoundland Supreme Court. [SHEPARD ROTORHUB: VECTOR AEROSPACE SETTLES OUTSTANDING LITIGATION WITH FORMER EXECUTIVE OFFICERS]
Published on Apr-16-08
As part of a settlement reached, sources close to the case stated that Vector and Dobbin agreed to a final settlement of their respective claims against each other in April 2007, and the claims were dismissed. A settlement was also reached with Paul J. Conway and S. Maxwell Parsons, in which Vector Aerospace Corporation agreed to pay them $5 million and $1.3 million respectively. Vector officials stated that the payment will have no affect on its income before tax. Sources said that the settlement was reached with the assistance of a pre-trial settlement conference with the Newfoundland Supreme Court. [
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