THOROFARE, N.J. (AFX) - Checkpoint Systems Inc., an electronic retail security and labeling provider, said Thursday it agreed to settle a long-standing lawsuit for just under $1.5 million.
The company said it will also provide credits for the purchase of 90 million tag vouchers at a value just under 4 cents a piece to certain purchasers of one model of their disposable radio frequency tags between Aug. 2, 1998 and Dec. 3, 2002.
The settlement marks the end of the follow-on class action lawsuit that arose in connection with antitrust litigation with ID Security Systems Canada Inc. In 2004, the company paid ID Security $19.95 million to settle that legal dispute.
Checkpoint said it has not included the recent settlement in its financial guidance and that it should be adjusted accordingly.
Shares of Checkpoint, which makes a variety of pricing and other product labels for retailers, fell 10 cents to close at $20.96 on the New York Stock Exchange.
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