Lock maker Assa Abloy resolves US court clash over industry probe

Reuters

Lock maker Assa Abloy resolves US court clash over industry probe

2024 7월 26, 오후 5:28 GMT

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By Mike Scarcella

July 26 (Reuters) -Global lock maker Assa Abloy ASSAb.ST has resolved a dispute over the power of a court-appointed monitor to police its settlement with the U.S. Justice Department stemming from the company's $4.3 billion acquisition of a Spectrum Brands SPB.N unit last year.

Assa Abloy had clashed for weeks in court papers with the corporate monitor supervising its compliance with the settlement, which resolved government antitrust claims. In a filing in Washington, D.C. federal court on Thursday, they said they reached an agreement on the scope of the monitor's work on an industry study about smart locks that Assa Abloy had contested.

Some U.S. settlements include court-approved monitorships to supervise and investigate a company's compliance.

Assa Abloy had accused the monitor, Hausfeld’s Melinda Coolidge, of overstepping her authority by embarking an overly broad review of competition in the smart lock industry.

The company withheld payment from Coolidge, drawing a rebuke from the Justice Department that the company was violating the terms of the settlement.

Assa Abloy, Coolidge and a Justice Department spokesperson did not immediately respond to requests for comment on Friday.

U.S. District Judge Ana Reyes canceled a hearing in the case that was scheduled for Friday and said she “appreciates the parties working through the issues.”

Assa Abloy said in a court filing this month that the company had paid the monitor a discounted amount — $2.7 million — to cover outstanding invoices.

The antitrust settlement with the DOJ came last year in the government’s lawsuit seeking to block Assa Abloy’s purchase of assets from U.S.-based Spectrum. The deal, which did not include an admission of wrongdoing, came in the middle of a trial.

The case is United States v. Assa Abloy and Spectrum Brands, U.S. District Court for the District of Columbia, No. 1:22-cv-02791-ACR.

For U.S.: Matthew Huppert and Miranda Isaacs of the Justice Department

For Assa Abloy: Justin Bernick and Lauren Battaglia of Hogan Lovells

Lock maker Assa Abloy violating antitrust settlement, US Justice Dept says

Reporting by Mike Scarcella

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