February 25, 2011
William C. MacLeod, Esq.
Kelley Drye & Warren LLP
Insignia Systems, Inc. (Nasdaq: ISIG) has reached an agreement to settle its outstanding lawsuit against News America Marketing In-Store, LLC (NAM). The settlement discussions were overseen by Judge John Tunheim and Magistrate Judge Arthur Boylan of the United States District Court, District of Minnesota. Insignia entered into a 10-year exclusive agreement with NAM to sell signs with price. Under the terms of the confidential settlement agreement, NAM will pay Insignia $125 million and Insignia will pay $4 million to NAM in relation to the business agreement. This antitrust and Lanham Act case over in-store marketing promotions was settled after the first day of trial.
The trial team was led by Julian Solotorovsky and William C. MacLeod of Kelley Drye & Warren LLP and included Michael C. Lynch.
Insignia Systems, Inc. markets in-store advertising products, programs and services to retailers and consumer goods manufacturers. Insignia is contracted with 9,600 chain retail supermarkets and drug stores. Through its nationwide network, Insignia has handled the point-of-purchase promotions of over 200 major consumer goods manufacturers, including General Mills, Kellogg Company, Kraft, Nestlé, Ocean Spray, Reckitt Benckiser, Schwan's Bakery and Tyson Foods.