Schaffner EMV AG concludes settlement with the bankruptcy estate of Sputnik Engineering AG in liquidation

Media Release

Schaffner EMV AG concludes settlement with the bankruptcy estate of Sputnik Engineering AG in liquidation

Luterbach, 9 November 2017 – Schaffner EMV AG has concluded a settlement agreement with the bankruptcy estate of Sputnik Engineering AG in liquidation before the Commercial Court in Berne on 9 November 2017. As a consequence of such agreement, Schaffner EMV AG has agreed to pay CHF 250,000 to the bankruptcy estate of Sputnik Engineering AG in liquidation, without acknowledging any legal obligation, fault or liability. The settlement agreement is subject to approval by the creditors.

As reported on 30 January 2016, Sputnik Engineering AG in liquidation filed an action against Schaffner EMV AG in connection with alleged product defects at the Commercial Court in Berne and asserted claims in the amount of CHF 2.9 million. Schaffner EMV AG has always contested the claim of Sputnik Engineering AG in liquidation.

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