KCI KONECRANES WON MOTION IN CALIFORNIA AGAINST INVENSYS/BAAN
KCI Konecranes won its motion to compel arbitration of the claims
brought against it by Invensys and Baan in the United States District
Court in California, USA.
On October 29, 2002 KCI Konecranes informed in a stock exchange
release that Baan/Invensys had initiated a lawsuit against KCI
Konecranes in the United States District Court of the Northern
District of California. The Plaintiffs said they believe damages not
to be less than USD 50 million and treble and punitive damages for an
alleged breach of contract and various other alleged acts. KCI
Konecranes requested the whole motion to be dismissed or to be
referred to arbitration in Stockholm as the dispute concern the same
project, which already is in arbitration in Stockholm.
The United States District Court in California granted KCI Konecranes
motion and referred all aspects of the dispute between Plaintiffs and
KCI Konecranes Plc and Konecranes, Inc. to arbitration before the
Arbitration Institute of the Stockholm Chamber of Commerce.
The arbitration process in Stockholm against Baan Company N.V.
continues. In the arbitration KCI Konecranes claims damages from Baan
for a software project in 1998, which failed. Baan has a counterclaim
against KCI Konecranes.
According to reports in the media Invensys is going to sell Baan. A
possible sale is not expected to affect the arbitration.
KCI KONECRANES PLC
KCI Konecranes Plc
Stig Gustavson, President & CEO
Tel.+358 20 427 2000