A federal court jury has awarded Quiksilver, Inc. all unpaid royalties, as well as its requested nominal damages, in an action against GMT, Inc., a watch licensee terminated by the apparel manufacturer. The jury also denied all of GMT's counterclaims against Quiksilver.
Among the trial issues, the jury found that Quiksilver had the right to terminate GMT and that GMT had breached the licensing agreement between the companies. Originally filed on March 28, 2002, Quiksilver, Inc. vs. GMT, Inc. was decided in the United States District Court for the Southern District of California.
Charles Exon, Quiksilver, Inc.'s General Counsel stated, “While it is unfortunate that this relationship ended in litigation, we do feel vindicated by the unanimous jury ruling in our favor on all counts.”
Bernard Mariette, President of Quiksilver, Inc., commented, “With this litigation now behind us, we are excited to have the opportunity to turn our watch program into a quality driven category that truly represents our boardriding lifestyle. Quiksilver and Roxy watches are now being brought to market as a result of a collaborative effort from our U.S., European and Asia/Pacific design teams. A new, more technically oriented, globally designed and sourced range of Quiksilver and Roxy watches is expected to be delivered to stores this summer.”
