Granite Construction Disputes but Settles Lawsuit to Avoid Protracted Litigation
WATSONVILLE, Calif.--(BUSINESS WIRE)--
Granite Construction Incorporated (NYSE:GVA) announced today that its
subsidiary, Granite Construction Company, has entered into a settlement
to end a civil lawsuit with the City of San Diego related to a 2007
debris removal contract. Granite has agreed to pay the City a total of
$400,000 to dismiss the suit and admits no wrongdoing as part of the
"This settlement avoids the distraction and costs of pursuing litigation
for both parties," said James H. Roberts, Granite's president and chief
executive officer. "Although we remain confident that these allegations
were without legal or factual merit, we are pleased to be able to put
this matter behind us."
"We have provided construction services in and around San Diego for
several decades," Roberts added. "We are proud to have assisted the City
and its homeowners with the clean-up efforts after the devastating fires
of 2007 and look forward to continuing our association with the greater
San Diego community for many years to come."
Granite is one of the nation's leading infrastructure contractors. In
addition to having one of the oldest and most robust ethics and
compliance programs in the industry, the Company was recently recognized
by the Ethisphere Institute as one of the World's Most Ethical Companies
for the second year in a row.
Granite is a member of the S&P 400 Midcap Index, the FTSE KLD 400 Social
Index and the Russell 2000 Index. Through its wholly owned subsidiary,
Granite is one of the nation's largest diversified heavy civil
contractors and construction materials producers serving public- and
private-sector clients nationwide. For more information about Granite,
please visit graniteconstruction.com.
Granite Construction Incorporated
Jacque Fourchy, 831-761-4741
Source: Granite Construction Incorporated
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