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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Case Information

Case Title

USA TECHNOLOGIES, INC. v. TIRPAK et al


Case Number

2:12-cv-02399

Court

Pennsylvania Eastern

Nature of Suit

Contract: Other

Judge

TIMOTHY J. SAVAGE

Date Filed

May 2, 2012

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