Cozzi lawsuits settled, dismissed
According to Metal Management’s (MTLM) quarterly SEC filings, the Cozzi family’s lawsuits have been settled in arbitration through the American Arbitration Association.
MTLM had filed a complaint against Albert, Frank, and Gregory Cozzi for breaching their separation agreements and against Frank and Gregory Cozzi for alleged constructive fraud. The Cozzis had filed a counterclaim seeking amounts due under the separation and release agreements.
As a result of the arbitration, it was expected that the Cozzis would receive $1.2 million plus an additional approximately $490 thousand in other costs from MTLM when the settlement agreement was finalized. Payment would be funded from MTLM’s existing cash balances, according to the filings.
A separate case between Cozzi family members and Chicago Metallic never made it to trial. Instead, the case has been “dismissed with prejudice” according to a clerk at the United States District Court for the Northern District of Illinois.