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COURT OF APPEALS RULES IN ECD'S FAVOR IN SETTLEMENT WITH MANNING & NAPIER ADVISORS AND OTHERS

 TROY, Mich., Jan. 12 /PRNewswire/ -- Energy Conversion Devices, Inc. ("ECD") (OTC: ENER) announced today that on Jan. 10, 1994, the United States Court of Appeals for the Second Circuit upheld ECD's position and affirmed an Aug. 18, 1993, court order approving a global settlement of disputes among ECD, investment-advisory firm Manning & Napier Advisors, Inc., and related parties.
 The ruling in ECD's favor affirms the decision by Chief Judge Michael A. Telesca of the United States District Court for the Western District of New York. The settlement approved by Judge Telesca terminates all provisions, except for mutual non-interference provisions between ECD and Manning & Napier, of the Consent Decree under which ECD and Manning & Napier had operated since 1988. The settlement further provides for execution of mutual general releases among ECD, Manning & Napier, Manning & Napier's clients, and former ECD subsidiary Ovonic Synthetic Materials Company.
 Stanford R. Ovshinsky, President and Chief Executive Officer of ECD, said, "We are delighted that the Court of Appeals has upheld the validity of our settlement and established a clean break among all parties involved. ECD looks forward to pursuing its business free of the Consent Decree's requirements and the surrounding litigation."
 ECD is a leader in the synthesis of new materials and the development of advanced production technologies and innovative products. Since its founding in 1960, ECD's research and development efforts have focused on disordered and amorphous materials. ECD has developed its Ovonic materials, production technology and products in the areas of energy, information and synthetic materials.
 -0- 1/12/94
 /CONTACT: Marvin S. Siskind, Counsel, ECD, 313-280-1900/
 (ENER)


CO: Energy Conversion Devices, Inc. ST: Michigan IN: OIL SU:

ML -- DE008 -- 1339 01/12/94 10:21 EST
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Publication:PR Newswire
Date:Jan 12, 1994
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