Cherokee Inc. announced that the arbitration panel in the Cherokee-Mossimo arbitration that issued an interim award on November 11, 2002, issued a final award in Cherokee’s favor on January 17, 2003.
The final arbitration award held that Cherokee shall recover from Mossimo, Inc. all finder’s fees withheld under the finder’s agreement, interest at the legal rate on all monies previously withheld, and Cherokee’s full attorney’s costs. The panel further reaffirmed the validity of the original finder’s agreement between Cherokee, Inc. and Mossimo, Inc. Cherokee will file a petition in the Los Angeles County Superior Court to confirm the arbitration award and enter judgment in its favor. Cherokee does not know whether Mossimo plans to further contest this award.
