MaxiPARTS (ASX:MXI) entered into a binding agreement to settle its legal dispute with road transport trailer solutions provider Freighter Group, according to a Tuesday filing with the Australian bourse.
As per the settlement, MaxiPARTS will receive AU$2.2 million in cash by Dec.18, the filing said.
The agreement settles the legal dispute relating to the sale of the company's Trailer Solutions unit in 2021.
As part of the agreement, Freighter Group will assume responsibility for any future customer product warranty claims and liability related to goods sold before the sale.
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