Cherokee has announced that Mossimo Inc.'s appeal of the June 17 Arbitration Award and Judgment (that was entered in Cherokee's favor by the Los Angeles Superior Court) was denied by the Court of Appeal for the 2nd District of California and reaffirmed in Cherokee's favor.
Howard Siegel, President of Cherokee Inc. said, “We hope with this ruling that Mossimo Inc. will see the merits in ending their legal effort, paying us what they owe us and avoiding further interest cost along with potential additional Court imposed legal cost reimbursements to Cherokee.”
On June 17, 2003, the Los Angeles Superior Court confirmed the full Arbitration Award, including finder's fees withheld under the finder's agreement, interest at the legal rate on monies withheld and Cherokee's full attorney's costs. It also reaffirmed the validity of the original finder's agreement between Cherokee Inc. and Mossimo Inc., further ordering that Cherokee is entitled to receive from Mossimo 15% of all monies received by Mossimo from Target Stores pursuant to Mossimo's licensing agreement with Target Stores dated March 28, 2000 and from any future extensions.
