USA: PUMA Releases Vince Carter
PUMA North America, Inc and Vince Carter announced today that an agreement has been reached resolving all issues raised by the arbitration decision issued last month, which awarded PUMA damages of $13.5m and enjoined Carter from endorsing or wearing the apparel or footwear of any PUMA competitor for a period of three years.Under the terms of the agreement, PUMA and Vince Carter will end theirbusiness relationship in exchange for a significant financial payment to PUMA. The precise amount PUMA will receive is to remain confidential under the terms of the agreement. "We feel that we are adequately compensated for damages and past and future losses," commented Jochen Zeitz, PUMA CEO and Chairman. "Carter is a great athlete, and we wish him all the best throughout his career.""I am grateful that PUMA granted me an opportunity in the beginning of my career, and will now give me a second chance with another company," declared Carter when asked about how he feels about his past experience with PUMA as an endorser."This was the best solution, considering the circumstances that led to this situation in the first place," explained Carter. He commented that these circumstances arose because he was badly advised, and had nothing to do with the quality of the shoes, which he wore exclusively during the season he was named 'Rookie of the Year'.
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