USA Tech, Shareholder Resolve Proxy Battle

Law360, Philadelphia (August 20, 2012, 6:19 PM EDT) -- USA Technologies Inc. on Thursday agreed to drop its claims targeting its largest shareholder in a heated proxy feud regarding a disputed takeover of the electronic payment company.

SAVE Partners IV LLC, which claims to hold about 9 percent of USA Technologies' shares, was sued by the company in Pennsylvania federal court in May, after announcing earlier that month that it had nominated seven people with “better qualifications and more experience” to take control of the company's nine-member board.

The announcement violated a nondisparagement provision in...
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