Matthews Intl. To Receive $18.75 Mln In Litigation Settlement

(RTTNews) - Matthews International Corp. (MATW) said Monday that it will receive a settlement award valued at $18.75 million resulting from litigation initiated against Harry Pontone, Scott Pontone, Pontone Casket Co. and Batesville Casket Co. in the United States District Court for the Western District of Pennsylvania.

Under the terms of the settlement, Batesville will pay Matthews $17 million in one lump sum payment and will also pay an additional $1.75 million for attorney fees of Harry and Scott Pontone, for a total settlement value of $18.75 million.

The company said its Funeral Home Products Division continues to be led by Thomas Pontone as President, Andrew Pontone as Vice President and General Manager of the Northeast Region, Steven Pontone, as Vice President of Strategic Accounts, and Michael Pontone as President of the Matthews Children's Foundation. They are further supported in leadership roles in the Greater Metropolitan New York region by longstanding Matthews/Milso employees including Louis Pontone, Andrew Pontone Sr., Thomas (Junior) Pontone, Donna Pontone, Joe Bruno, Peter Ferris, and other key members of the company's experienced sales team.