According to the docket, on March 17, 2004, the Court entered the Order denying the motion for sanctions against the defendants for spoliation of electronic evidence. The plaintiff soon after filed a Notice of Appeal and on August 2, 2004, the Court entered the Order from the Sixth Circuit Court of Appeals dated July 29, 2004, dismissing the appeal upon stipulation of parties to voluntarily dismiss.
Earlier, on January 10, 2003, the Court entered the Order by U.S. District Judge Robert L. Echols granting the motion for summary judgment, denying motion for additional discovery in support of plaintiff's opposition to defendants' motion for summary judgment, and denying as moot the motion to strike certain testimony and evidence. The case was dismissed. On February 7, 2003, the plaintiff filed a Notice of Appeal. On August 18, 2003, the Court entered the information copy from the Sixth Circuit Court of Appeals dated August 13, 2003, dismissing the appeal for lack of jurisdiction. The plaintiff’s motion to vacate briefing scheduling order and stay appeal was denied as moot.
The complaint charges UTC and certain of its senior executives with violations of the federal securities laws arising out of defendants' unlawful payments of as much as $30 million to senior ICP executives to obtain their assistance and support in consummating the Tender Offer. The complaint alleges that by offering to pay and/or paying tens of millions of dollars of special payments to senior ICP executives, defendants have violated the provisions of Section 14 of the Securities Exchange Act of 1934 and the SEC regulations promulgated thereunder.
The securities class action was commenced on behalf of persons who tendered shares of International Comfort Products Corporation ("ICP") (AMEX:ICP) to United Technologies Corporation (NYSE:UTX) and its wholly-owned subsidiary, Triton Acquisitions Limited (collectively, "UTC"), in connection with UTC's offer to purchase the outstanding shares of ICP at $11.75 per share (the "Tender Offer").