In an announcement issued late afternoon Tuesday, the internet of things (IoT) products provider said it would pay €840,000 plus €21,000 in legal costs without any admission of liability and against a waiver from the administrators of BAMES of all claims against Telit.
BAMES entered into several agreements with Telit and its Italian subsidiaries between 2007 and 2010.
In 2013, BAMES went into liquidation and some three years later Telit became aware of a criminal investigation against a number of parties with respect to BAMES's insolvency, including Telit's former chief executive officer.
This was followed by a civil claim against Telit in July 2018 by BAMES’ administrators in regard to Telit’s involvement in the firm.
In early trading Wednesday, Telit shares were down 1.5% at 137p.