IFF, ZoomEssence reach settlement over trade lawsuit

IFF, ZoomEssence reach settlement over trade lawsuit

11:51 AM, 27th June 2017
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NEW YORK, US: International Flavors & Fragrances Inc (IFF) and ZoomEssence Inc have mutually agreed to settle all claims and counterclaims brought in a lawsuit in the United States District Court for the District of New Jersey.

The parties agreed to dismiss their claims against one another, with prejudice and without any admission of liability or wrongful conduct, to avoid any further expense and disruption from the litigation.

Under the settlement agreement, IFF will make a one-time payment to ZoomEssence of $56 million and the parties will exchange full mutual releases.

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