Hunters drop $3 billion Cree lawsuit
Cree’s former CEO Eric Hunter has dropped the lawsuit that he and his wife Jocelyn filed against the Greensboro, NC, company in June this year (see related story).
In a statement, Cree said that the lawsuit “will be dismissed against all defendants, barring them from asserting the claims against Cree in the future”.
Cree added that the agreement did not involve any payments to either Eric Hunter or his wife.
Eric Hunter was CEO of Cree in 1994, and was a senior technology advisor to the company when he filed the lawsuit.
As part of the settlement, Cree has accepted Hunter’s resignation as an employee. His remaining stock options in the company have been terminated, apart from a portion that were vested.
The agreement includes mutual releases and covenants not to sue, conditioned on a joint motion of the parties to dismiss the lawsuit.