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A-B to pay Maris family $120M after settling suit

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  • TTB
    replied
    Originally posted by *007*+Aug 24 2005, 08:29 PM-->
    QUOTE(*007* @ Aug 24 2005, 08:29 PM)
    Originally posted by Sam [email protected] 24 2005, 08:27 PM
    Originally posted by [email protected] 24 2005, 08:10 PM

  • 007
    replied
    Originally posted by Sam Damon+Aug 24 2005, 08:27 PM-->
    QUOTE(Sam Damon @ Aug 24 2005, 08:27 PM)
    Originally posted by [email protected] 24 2005, 08:10 PM

  • TTB
    replied
    Originally posted by CSD+Aug 24 2005, 08:10 PM-->
    QUOTE(CSD @ Aug 24 2005, 08:10 PM)

  • CSD
    replied
    Originally posted by Sam Damon@Aug 24 2005, 07:36 PM
    They could have won in court. They just didn't want the bad publicity.

    The Maris's ran a distributorship that underperformed.

    They were just one of many distributorships that A-B has consolidated into better run distributorships over the last 10-15 years.
    So instead of bad publicity they give the family $120 million? I don't think so.

    Leave a comment:


  • Moon Man
    replied
    Didn't want the bad publicity? Then why did they go through eight years of fighting it? AB fucked up and now they are paying for it. The PR damage had already been done. I had completely forgotten this case was still going on.

    "The resident smart person down at Anheuser finally said 'Enough,"' said Juli Niemann, an analyst with RT Jones in St. Louis. "It shouldn't have happened and now it has come to an end, so I'm sure they're all collectively breathing a sigh of relief."
    Well said.

    Moon

    Leave a comment:


  • TTB
    replied
    They could have won in court. They just didn't want the bad publicity.

    The Maris's ran a distributorship that underperformed.

    They were just one of many distributorships that A-B has consolidated into better run distributorships over the last 10-15 years.

    Leave a comment:


  • 007
    started a topic A-B to pay Maris family $120M after settling suit

    A-B to pay Maris family $120M after settling suit

    Maris family receives $120 million settlement
    Associated Press

    ORLANDO, Fla. -- Anheuser-Busch agreed to pay at least $120 million in cash to the family of former home run king Roger Maris as part of a settlement that ended a defamation trial and other litigation, according to a government filing the brewer made Wednesday.

    The St. Louis-based company will record a $105 million pretax charge in the third quarter ending Sept. 30 as a result of the settlement with the Maris family-owned beer distributorship, Maris Distributing Co., according to the filing with the Securities and Exchange Commission.

    Anheuser-Busch spokesman Rick Oleshak said he couldn't comment. But a spokesman for the Maris family's attorneys said the actual settlement was higher.

    "That is only part of the settlement," said Tom McNicholas. "It's nowhere near the totality of the agreement between the Maris family and Anheuser-Busch."

    McNicholas wouldn't comment further, nor say what percentage of the settlement would go to attorneys.

    The settlement encompasses the defamation lawsuit and a $50 million jury award that the Marises had won against the nation's largest brewer in 2001 for ending their beer distributorship contract in 1997. The award had been tied up on appeal.

    Based on the filing, Tom Leritz, an analyst with Argent Capital in St. Louis said, "I don't think it's going to negatively impact the company."

    The agreement was announced Tuesday as a Gainesville jury reached a verdict in the three-week trial after two days of deliberations. The verdict was sealed, but jurors later said they had decided to award the Maris family compensatory damages but not punitive damages. The three jurors reached by The Associated Press refused to say the amount of the compensatory damages.

    Neither side disclosed terms of the settlement Tuesday, but the Maris family had been seeking $250 million in compensatory damages and up to $5 billion in punitive damages.

    Maris' relatives accused the brewer of defamation after company officials publicly said the family's distributorship was deficient and sold repackaged, out-of-date beer. The family claimed in court that the brewer plotted to destroy their reputation as a part of a larger scheme to seize the best-performing distributors for Busch family relatives and friends. Anheuser-Busch denied the allegation.

    "The resident smart person down at Anheuser finally said 'Enough,"' said Juli Niemann, an analyst with RT Jones in St. Louis. "It shouldn't have happened and now it has come to an end, so I'm sure they're all collectively breathing a sigh of relief."

    The legal fight between Anheuser-Busch and the Maris family had consumed eight years, three trials and millions of dollars in legal fees. The company had given Roger Maris and his brother, Rudy, the distributorship after the slugger ended his career in 1968 with the St. Louis Cardinals, which it then owned.

    Roger Maris, who died in 1985, held the single-season home run record for 37 years after he hit 61 in 1961 for the New York Yankees. He was traded to the Cardinals after the 1966 season, helping St. Louis to the 1967 World Series title and the 1968 National League pennant.
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