LONDON, February 29, 2012 /PRNewswire/ --
In the latest development in an ongoing global legal dispute, 3M Company (3M) has withdrawn a lawsuit it filed in a New York court against Harvey Boulter, the CEO of investment fund manager Porton Group.
The termination of 3M's lawsuit in New York follows a decision earlier this month by a Washington DC federal judge ruling that 3M's "blackmail" claim against the Porton Group's Washington DC attorney was invalid.
3M's withdrawal of the case in New York also comes in the wake of Porton's victory in the High Court in London last November, where 3M was held liable for damages for breach of its contractual obligations over its failure to develop a test to track MRSA in hospitals after buying the base technology from a consortium led by Porton.
Porton Group CEO, Harvey Boulter, said: "I am delighted that 3M has withdrawn its New York lawsuit. 3M made unfounded accusations in the US designed to deflect attention from the case in the UK, where 3M was held liable for breach of contract.
"3M's spurious 'blackmail' claims had absolutely no merit. I am pleased that the New York case has been closed on this sham of a dispute."
The decision coincides with the departure of Sir George Buckley as President and CEO of 3M last week (24 February). The legal wrangle was ignited publically when 3M falsely alleged that Mr Boulter had threatened, after a meeting with the then UK Defence Secretary Liam Fox, to use political contacts to have Sir George stripped of his knighthood unless 3M paid Porton $30 million to settle the contract dispute.
Notes to Editors:
This release supersedes that issued on the same subject on February 23.
|SOURCE Porton Group|
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