Plumbing distributor Ferguson Enterprises Inc., Newport News, VA, announced it has reached a settlement agreement with Lockwood International Inc. and several former Ferguson employees
Ferguson sued the former employees in the United States District Court for the Western District of Kentucky after the employees resigned from Ferguson and joined Lockwood in 2015.
Under the terms of the settlement, Lockwood and certain former Ferguson employees settled legal proceedings brought by Ferguson and agreed to significant obligations and non-solicitation restrictions, as well as a multimillion-dollar payment to Ferguson, the exact dollar amount of which was not disclosed.
Lockwood and the former employees also agreed to return or destroy all confidential information and material improperly taken from Ferguson. A forensic examiner will also wipe from Lockwood's computer systems any Ferguson information obtained from the former Ferguson employees.
"We're excited to move past this distraction and devote all of our energy to attending to our customers' needs and helping them grow their business," said Lockwood CEO Mike Lockwood. "The individuals who decided to leave their prior employment and join us last year share our passion and commitment for this."
