Finders keepers. (Retail).Mossimo Inc., which lost its dispute with Cherokee Inc. over overdue finder's fees Finder's fee A fee a person or company charges for service as an intermediary in a transaction. finder's fee The charge levied by a person or firm for putting together a deal. , is deciding whether it wants to appeal the decision or pay as much as $2 million in delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. fees. In early 2002, Van Nuys-based Cherokee took to an arbitration panel arbitration panel A group of individuals charged with resolving a dispute between individuals and/or organizations. Arbitration panels to resolve investment disputes are sponsored by self-regulatory organizations such as NASD. a dispute over how much Santa Monica-based Mossimo should pay under a finder's fee arrangement. Under a deal engineered two years ago by Cherokee Chief Executive Bob Margolis, Mossimo gave discount retailer Target exclusive U.S. rights to manufacture and sell clothes and accessories with the Mossimo label. In turn, Mossimo is supposed to pay Cherokee 15 percent of the licensing money it gets from Target. But after Mossimo reformulated its deal with Target, Cherokee maintained it wasn't getting its fair share. In mid-November, the panel ruled that Mossimo did owe Cherokee unpaid fees, plus interest and attorney's fees attorney's fee n. the payment for legal services. It can take several forms: 1) hourly charge, 2) flat fee for the performance of a particular service (like $250 to write a will), 3) contingent fee (such as one-third of the gross recovery, and nothing if there is no . Cherokee believes it is owed more than $2 million. "We are still in the process of confirming the arbitration awards An arbitration award (or arbitral award) is a determination on the merits by an arbitration tribunal in an arbitration, and is analogous to a judgment in a court of law. with the courts," said Kyle Wescoat, Cherokee's chief financial officer. Staff reporter Deborah Belgum can be reached at (323) 549-5225 ext. 228, or at dbelgum@labusinessjournal.com. |
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