Bankrupt Exide sues former executives

Exide Technologies is suing former chairman Arthur Hawkins and former executive vp Douglas N. Pearson, who resigned from the company in 1998, to recover approximately $1.1 million in legal and defense fees. Since their resignations, Exide has been the subject of several investigations and lawsuits. The culmination of these proceedings was the indictment of Hawkins, Pearson and a close associate, Alan

Exide Technologies is suing former chairman Arthur Hawkins and former executive vp Douglas N. Pearson, who resigned from the company in 1998, to recover approximately $1.1 million in legal and defense fees.

Since their resignations, Exide has been the subject of several investigations and lawsuits. The culmination of these proceedings was the indictment of Hawkins, Pearson and a close associate, Alan E. Gauthier, in March of last year on a variety of criminal charges, including wire fraud.

The government investigations have all been resolved either by settlements or by decisions not to proceed by those agencies. The private party claims were resolved by a global settlement in May 1999, and affirmed by the court in February 2000.

Exide said those settlements have cost the company more than $50 million.

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