Posted 12/1/2011 10:18 am
Updated 1 year ago
Dillard's Inc. of Little Rock said Wednesday it will receive $57 million to settle a lawsuit against i2 Technologies Inc., a subsidiary of JDA Software Group Inc. of Scottsdale, Ariz.
In June 2010, a Dallas County, Texas, jury awarded Dillard's $246 million after finding that i2 Technologies had failed to meet obligations to the Little Rock department store chain regarding two i2 products under a software license and related services agreement.
Dillard's had paid about $8 million for the licenses since 2000, according to a June 16, 2010, JDA news release.
JDA acquired i2 in January of 2010, just months before the jury's ruling.
"We believe this verdict is unjustified given the nature of this commercial dispute," JDA CEO Hamish Brewer said after the initial verdict was announced. "We will pursue every avenue available to overturn the verdict, and are confident that justice will ultimately prevail."
Under the settlement agreement announced Wednesday, i2 will pay Dillard's $57 million on Dec. 5.
After providing for income taxes and settlement-related expenses, Dillard's expects to record about $28.5 million of net income from this settlement during the thirteen weeks ending January 28.
Dillard's announced in 2001 that it selected i2 to implement demand planning, retail replenishment planning, and business process intelligence tools designed to improve its customer service.