TORONTO (Jan. 21)—Industrial minerals and specialty products maker Zemex Corp. has settled a lawsuit Hecla Mining Co. brought against the company for not completing the planned purchase of Hecla's K-T Clay Co. subsidiary in early 2001. Zemex will pay Hecla about $3.2 million after tax through the release of an approximately $2.15 million escrow account and the remaining $1.8 million to be paid by Feb. 3, Zemex said. Peter Gillin, Zemex president and CEO, said the firm believed it had a strong defense, but reached the settlement to eliminate litigation risk and demands placed on management by the action.
Zemex settles lawsuit
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