February 6, 2012
Cybex Settles Suit
Medway exercise equipment maker Cybex International Inc. will pay $19.5 million to settle a product liability lawsuit, well below the $66 million a jury initially awarded in the case.
The case involves a New York woman who was paralyzed when a weight machine fell on her.
In November, an appellate court reduced the award to $44 million while affirming the verdict against the company.
Cybex said the settlement will improve its finances. It's currently subject to possible de-listing from the Nasdaq Stock Market, partly because it has not met the minimum stockholders' equity of $10 million. The company said the settlement, which will be reflected in its fourth-quarter results, will allow its equity to exceed that minimum.
WBJ Web Partners
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