Chicago Rivet settles fastener non-conformance claim for $1.1M; adds $857K accrual

CHICAGO RIVET & MACHINE CO

Agreed to pay $1.1 million over five years to resolve fastener non-conformance for braking system assemblies.
Includes previously reserved $243,000 contingent liability; additional $857,000 to be accrued in Q4 2024.
Agreement provides full release of further liability and avoids potential litigation costs.
Customer notified that certain fasteners from H&L Tool subsidiary may not have met specifications.

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