USA: Vans Awarded $8m In Ex-Officer Case
Casual footwear and apparel firm Vans Inc has revealed it was awarded around $8 million by an arbitrator in the case against its former officer Scott Brabson.
The company said in a filing with the Securities and Exchange Commission on Monday that amount includes damages of about $4.8m and interest and attorneys fees of about $3.2m, with the award subject to court approval later this month.
According to the filing, the arbitrator found Brabson breached his employment contract with California-based Vans, breached his fiduciary duties to Vans and committed numerous other breaches of duty against the company.
The firm filed a lawsuit against Brabson, a consultant and their affiliates last March claiming the defendants engaged in a conspiracy to get unauthorised payments or commissions from some of Vans' factories in China.
An award for the same amount against the consultant, Jay Rosendahl, has been stayed after he filed for bankruptcy protection last week although Vans says it will seek to lift the stay shortly.
Companies: VF Corporation
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