Rubicon's Arborgen to appeal $US53m employment court ruling
In September, Auckland-based Rubicon said the South Carolina lower court had signalled it would likely rule in favour of former staff.
UPDATED 17 Dec: ‘Bait and switch’ allegations behind Rubicon lawsuit
NZX-listed forestry biotech company Rubicon [NZX: RBC] says it will vigorously appeal a $US53 million ruling in favour of nine former employees of its part-owned seedling company ArborGen.
In September, Auckland-based Rubicon said the South Carolina lower court had signalled it would likely rule in favour of former staff, and today the company said the nine plaintiffs had been awarded $US43 million in damages and $US10 million in interest and costs. Rubicon and Arborgen co-owners International Paper and MeadWestvaco were partner defendants.
"Rubicon repeated that the intention is for ArborGen and each of the three partners to vigorously appeal the lower court's decision, and that they had been advised such appeals process could take a considerable period of time to be determined," the company said in a statement after the close of trading on the NZX.
The shares last traded at 31.5 cents, valuing the company at $128.9 million.
(BusinessDesk)
Paul McBeth
Wed, 16 Dec 2015
Wed, 16 Dec 2015
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Rubicon's Arborgen to appeal $US53m employment court ruling
54421