| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: SUPPORT SERVICES |
US court upholds $20m damages award to Ashtead unit |
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Fri 21 Oct 2005
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LONDON (SHARECAST) - Plant hire group Ashtead said a US court has dismissed an appeal against an earlier ruling in which its Sunbelt Rentals business was awarded damages and costs amounting to $20m.
The North Carolina Court of Appeals threw out the appeal by Head & Engquist Equipment against the award of $15m plus recovery of its legal costs and pre and post judgement interest.
Ashtead claims that back in 2000, prior to Sunbelt's acquisition of BET USA, H&E executed a plan to develop its aerial work platform rental business by raiding over 100 staff from BET USA to open competing rental stores in seven major markets.
The $20m award has not been reflected in Ashtead's accounts but all Sunbelt's litigation costs have been expensed.
The award is currently secured by a letter of credit in the amount of $20.1m lodged by H&E with the court. H&E has the right to challenge the judgement of the Court of Appeal on or before 22 November.
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