IMO INDUSTRIES ISSUES ANNOUNCEMENT
IMO INDUSTRIES ISSUES ANNOUNCEMENT LAWRENCEVILLE, N.J., April 23 /PRNewswire/ -- Imo Industries Inc.
(NYSE: IMD) said that in a trial which ended yesterday in the U.S. District Court in the Southern District of New York to determine the amount of liability, the jury awarded $10.8 million plus interest to Long Island Lighting Company.
IMO said it plans to ask the court to set aside a substantial portion of the awarded amount on the grounds that it is not supported by the evidence. The trial followed a prior trial last year in which a jury found that a warranty covering diesel generators furnished by IMO to LILCO's Shoreham Nuclear Power Station was in effect from the time of shipment until July 1986. Both IMO and LILCO retain their rights of appeal on matters which have been decided adverse to either. /delval/ -0- 4/23/92 /CONTACT: Paul B. Lazovick, director of Investor Relations for Imo Industries, 609-896-7615/ CO: Imo Industries Inc.; Long Island Lighting Company ST: New Jersey, New York IN: SU: ERN
MK -- PH022 -- 1779 04/23/92 10:53 EDT
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|Date:||Apr 23, 1992|
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