Triton Systems of Delaware Inc. said last week that it had settled a lawsuit against three former executives it accused of stealing company secrets to start a rival automated teller machine company.
The Long Beach, Miss., company filed suit last February against Brian Kett, who was its president and chief executive from 2003 until August 2007; Daniel D. Thurtell, a former chief financial officer; and William D. Jackson, formerly the vice president of engineering.
Triton alleged that the men shared confidential information with the Chinese ATM maker GRG Banking Co. Ltd. and formed a venture, Global Cash Services LLC, to market GRG's products in the United States.
The lawsuit "has been resolved on mutually agreeable terms," Triton said, "and judgments have been entered. [Mr.] Kett and [Mr.] Jackson are free to work in the ATM industry." It did not disclose other details.