Ferguson announces favorable settlement agreement with Lockwood International, Inc. (Lockwood) and several...

Ferguson announces favorable settlement agreement with Lockwood International, Inc. (Lockwood) and several former employees

    Ferguson, the nation’s largest plumbing wholesale distributor, announced it has reached a settlement agreement with Lockwood International, Inc. (“Lockwood”) and several former Ferguson employees.

    Under the terms of the settlement, Lockwood and certain former Ferguson employees settled legal proceedings brought by Ferguson and agreed to significant obligations and non-solicitation restrictions, as well as a multi-million dollar payment to Ferguson.

    Lockwood and the former employees also agreed to return or destroy all confidential information and material improperly taken from Ferguson. A forensic examiner will also wipe from Lockwood’s computer systems any Ferguson information obtained from the former Ferguson employees.