Cozzi lawsuits settled, dismissed
by Donna Currie
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.
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