Washington Mutual Pays $47M To End Comerica Suit

Law360, New York (November 13, 2006, 12:00 AM EST) -- Washington Mutual Inc. will shell out $47 million to quell a lawsuit brought by Comerica Inc. related to trade secrets and detailed client information that 24 ex-Comerica employees allegedly took with them when they left Comerica to join a competitor in 2005.

Under the settlement, news of which emerged from Comerica’s latest filing with the U.S. Securities and Exchange Commission, the two dozen individual defendants will be prohibited from using Comerica trade secrets to solicit the business of any Comerica customer, and will have to return...
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