Berwyn-based Triumph Group, Inc. announced all pending litigation issues between Triumph and Eaton Corporation of Cleveland have been resolved.

Eaton filed suit in 2004 in Mississippi against Frisby Aerospace, LLC, now a Triumph Group subsidiary known as Triumph Actuation Systems – Clemmons, LLC, alleging trade secret misappropriation. North Carolina-based Frisby Aerospace denied the charges and later filed suit against Eaton in North Carolina and Mississippi, alleging anti-competitive

behavior.

Eaton is reporting it will pay $147.5 million as part of the settlement and that other terms are confidential.  Triumph, however, is reporting Eaton will pay $135,300,000 in cash.  Both companies say they are happy to end the issue.

“The settlement announced today brings to an end almost 10 years of costly and burdensome litigation, and should eliminate any doubt about Triumph’s right to compete legitimately in the market for aerospace hydraulic pumps and motors and hydraulic systems,” said Jeffry D. Frisby, Triumph’s president and CEO. “We look forward to deploying with renewed energy the full range of our talents and expertise toward the development of advanced technology products and solutions for our hydraulic product and systems customers.”

“We believe it is in the best interests of our shareholders to put this matter behind us,” said Alexander M. Cutler, chairman and chief executive officer of Eaton. “We have been pursuing the return of our information and documents for 10 years, and we are pleased the information and documents will be returned as part of the settlement. Both parties are best served by a permanent resolution of the matter.”

Triumph Group, Inc. designs, engineers, manufactures, repairs and overhauls a broad portfolio of aero structures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.