Frequency Electronics settles litigation with former Chief Scientist for $6M

FREQUENCY ELECTRONICS INC

Agreed to pay Martin B. Bloch $6M by Sept 24, 2021, to settle all claims from his termination and deferred compensation arbitration.
Company had already accrued $6M as of July 31, 2021; net expense of $650K to be recognized in Q1 FY2022.
Settlement includes general releases; no admission of wrongdoing by the company.
Resolution eliminates further legal expenses related to the dispute.

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