Huntsville, US: An eight-year lawsuit between the former Intergraph Corp. and Bentley Systems has been settled for nearly USD 200 million, according to court documents. The settlement is among the largest in Madison County history, court watchers said.
As part of a settlement agreed, Cobalt BSI Holding, which bought Intergraph in 2006, will sell back to Bentley its 15.6 million shares of Bentley stock, at a purchase price of just over USD 12 per share, totalling about USD 198 million, according to court documents. In July 2010, Sweden-based Hexagon AB bought Intergraph from Cobalt for USD 2.1 billion.
The settlement total includes USD 9.9 million in fees and expenses awarded to Cobalt’s attorneys, including Bartley Loftin III of Huntsville and his firm, Maynard Cooper & Gale.
Intergraph sold its civil engineering products to Bentley in 2000 and the deal included proceeds from maintenance contracts.
In 2002 the companies began their long courtroom skirmish, with Intergraph challenging how much Bentley owed it from a promissory note and Bentley countersuing in connection with Intergraph’s handling of the maintenance contracts.
As part of the settlement, both sides agreed not to issue press releases about the agreement or otherwise publicly discuss the case, except to note the agreement was “consensually resolved.”
A settlement hearing before Circuit Judge Tom King, from Jefferson County, who gave preliminary approval to the deal in December, will be February 10 at the Madison County Courthouse.