Batesville Settles Litigation With Matthews International for $18.75 Million
The $18.75 million payout will cost Batesville approximately $31 per casket sold.
MATTHEWS INTERNATIONAL CORPORATION ANNOUNCES FAVORABLE SETTLEMENT IN HARRY PONTONE, SCOTT PONTONE AND BATESVILLE CASKET COMPANY LITIGATION
PITTSBURGH, PA, November 17, 2014 — Matthews International Corporation (NASDAQ GSM: MATW) (“Matthews or the “Company”) today announced it will receive a settlement award valued at $18.75 million resulting from litigation initiated against Harry Pontone, Scott Pontone, Pontone Casket Company and Batesville Casket Company (“Batesville”) in the United States District Court for the Western District of Pennsylvania.
Under the terms of the settlement, Batesville will pay Matthews $17 million in one lump sum payment and will also pay an additional $1.75 million for attorney fees of Harry and Scott Pontone, for a total settlement value of $18.75 million. The settlement successfully concludes litigation arising out of allegations that the defendants unlawfully poached customers of Matthews’ subsidiaries, The York Group, Inc. (“York”) and Milso Industries Corporation (“Milso”), that Harry and Scott Pontone breached their employment covenants, and that Batesville improperly interfered with business relations of Matthews, York and Milso. All of the settlement proceeds shall be paid by Batesville on behalf of the multiple co-defendants.
The Funeral Home Products Division of Matthews continues to be led by Thomas Pontone as President, Andrew Pontone as Vice President and General Manager of the Northeast Region, Steven Pontone, as Vice President of Strategic Accounts, and Michael Pontone as President of the Matthews Children’s Foundation. They are further supported in leadership roles in the Greater Metropolitan New York region by longstanding Matthews/Milso employees including Louis Pontone, Andrew Pontone Sr., Thomas (Junior) Pontone, Donna Pontone, Joe Bruno, Peter Ferris, and other key members of the Company’s experienced sales team.
Thomas Pontone, President of Matthews Funeral Home Products Division, commented “Following the actions involved in this case, I am pleased the defendants have agreed to settle the case for a significant amount. On behalf of myself, Matthews, and all the Pontone family members engaged with Matthews, I would like to thank our customers for their continued loyalty and our longstanding employees for the tremendous contributions they make every day delivering outstanding service to our customers.”
Matthews International Corporation, headquartered in Pittsburgh, Pennsylvania, is a designer, manufacturer and marketer principally of memorialization products and brand solutions. Memorialization products consist primarily of bronze and granite memorials and other memorialization products, caskets and cremation equipment for the cemetery and funeral home industries. Brand solutions include artwork and pre-media services, graphics imaging products and services, merchandising solutions, and marking automation and fulfillment solutions. The Company’s products and services include cast bronze and granite memorials and other memorialization products; caskets; cast and etched architectural products; cremation equipment and cremation-
related products; mausoleums; brand management; printing plates and cylinders, pre-press services and imaging services for the primary packaging and corrugated industries; marking and coding equipment and consumables, industrial automation products and order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and merchandising display systems and marketing and design services.
Source: Matthews International
Latest posts by CDFuneralNews (see all)
- Preneed Funeral Sales Advisor - August 11, 2017
- Physicians Mutual Celebrates Preneed Anniversary with NFDA Sponsorship - August 9, 2017
- The Only Good Aftercare Program Is A Consistent One - August 7, 2017
You may be interested
Preneed Funeral Sales AdvisorCDFuneralNews - August 11, 2017
Premier Funeral Solutions is currently seeking a Preneed Funeral Sales Advisor . Premier Funeral Solutions offers tools and methodologies developed to help…
12 Benefits of Social Media Every Funeral Home Needs to KnowRyan Thogmartin - August 10, 2017
Social media is 'marketing.' It's not the new marketing, it's the current state of marketing, and funeral homes and death care companies can no longer afford to ignore it. There are so many reasons why death care companies need to get their heads out of the sand and start engaging on the platforms used by over 68% of all Americans.
Six Times Twitter Reminded Us Funerals Don’t Have to be BoringMadison Ashby - August 9, 2017
These six people had funerals on their mind for one reason or another and decided to share with the Twitter world what they were thinking, and I’m pretty glad they did. People can come up with some pretty crazy things if you let them ramble.