Pallet Services, Inc. (PSI, Portland, Ore.) and CHEP USA (Orlando) announced their pending litigation has been settled. Representatives from PSI and CHEP described the agreement as a fair and equitable settlement for both companies, and have agreed to work together for the betterment of the entire pallet industry.
CHEP had brought suit against PSI for conversion of CHEP pallets and sought damages and injunctive relief. PSI had counter-claimed, alleging, among other things, damages for unjust enrichment.
As part of the settlement, PSI and its officers agreed to participate in the CHEP Asset Recovery Program, which will help CHEP recover its assets that come into possession of pallet recyclers and offers fair compensation to the pallet recycling industry.
“We are very pleased to reach an agreement with PSI and its president, Darren Bronco,” said Elton Potts, senior vice president, Asset Management, CHEP USA. “We have worked very hard to put in place a fair and equitable program, and believe our Asset Recovery Program has achieved this.”
Source: CHEP USA