A New Jersey jury last week found that Cook Composites and Polymers had not breached a warranty applicable to CCP's gelcoat used on yachts manufactured by Viking Yacht Co. and Post Marine, and that CCP was not liable for any of the damages claimed at trial.
The verdict was delivered July 24 following three days of deliberation and a five-week trial, according to CCP attorneys Buchanan Ingersoll & Rooney.
"After four long years, we are obviously pleased with the verdict and thankful that we can finally move forward again with our full attention focused on our customers and business without this unnecessary distraction," said Paul Colonna, president and CEO of Kansas City, Mo.-based CCP, in a statement.
Through motion practice leading up to trial, CCP's attorneys reduced the plaintiffs' damages claims from the $405 million they originally sought to the $6 million ultimately presented to the jury.
The claims originally brought against CCP included breach of contract, breach of implied warranty of fitness for a particular purpose, breach of implied warranty of merchantability, fraud, negligent misrepresentation, breach of express warranty, and violations of the New Jersey Consumer Fraud Act.
Only one claim survived summary judgment rulings. That claim went to trial and through unanimous jury decision favored CCP as well.
"The jury made a decision that CCP offered a warranty that expired on the day it delivered the liquid gelcoat. Additionally, the jury made no finding that the gelcoat was not defective," Pete Frederiksen, Viking director of communications, told Soundings Trade Only.
"Viking is considering its options, including an appeal," he added.
A spokesman for Post Marine Co. said he had no additional comments.