Sunbeam, Ousted CEO Team Up to Fight Lawsuits
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DELRAY BEACH, Fla. — Ousted Chairman Al Dunlap and Sunbeam Corp. are working together again--this time to fight shareholder lawsuits and cooperate in an inquiry into the firm’s accounting practices.
Dunlap, who was fired June 15, and the household products maker reached the agreement late Tuesday, Dunlap spokesman Gene Donati confirmed Wednesday. “There’s a multitude of reasons . . . but the bottom line is the two sides are now working together,” he said.
Dunlap and the company will share information and legal strategies with respect to both the shareholder lawsuits filed after Dunlap was dismissed and the ongoing investigation by the SEC.
Dunlap has agreed to resign from the board and to put on hold his claim to severance, Donati said. The New York Times reported Wednesday that Dunlap would be paid for an undetermined number of weeks of vacation time.
Sunbeam shares fell 25 cents to close at $8 on the New York Stock Exchange.
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