YARC Systems Settles Ex-President’s Lawsuit
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YARC Systems Corp. in Camarillo said it has settled a lawsuit filed in March of last year by former company president Joseph P. LaBruna.
LaBruna had filed a civil suit in the Superior Court of New Jersey against YARC, its chairman and chief executive, Trevor Marshall, and several unnamed defendants.
In the lawsuit, LaBruna sought redress for the alleged non-issuance of up to 2 million options to buy YARC common stock, payroll in excess of $200,000, and punitive damages. LaBruna was YARC president in 1998.
Under the terms of the settlement, YARC will pay LaBruna a cash settlement of $50,000. However, the company did not indemnify LaBruna from future legal actions that may be brought by shareholders or other third parties. The complete lawsuit and settlement have been filed with the U.S. Securities and Exchange Commission.
YARC develops software that integrates printing technologies with the Internet.
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