Neways Internationaland SISEL International have announced today that they company have finally reached a resolution regarding legal battles the two companies’ have been engaged in for the last year and a half. The original suit was filed last May in a Utah court.
The two companies announced in a joint statement that they along with their affiliates and distributors have reached a global, confidential settlement that will address and resolve all legal disputes between the two.
Neways claimed that after its takeover by Golden Gate Capital in 2006, many of its distributors were recruited to SISEL by its owners, who happen to be the sons of the Neways founders. Neways promptly took SISEL to court to try and stop them from “stealing” their distributors.
To read the full scoop- check out our article from last year.
As per the agreement, neither party will admit to any wrongdoing. The settlement will remain strictly confidential. Both sides are apparently satisfied with the outcome and although neither part has released a formal statement regarding the resolution of the lawsuits, both sides say they are looking forward to moving on and focusing on their respective businesses.
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