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Pomeroy IT Solutions Inc. (NASD: PMRY) said it reached a settlement in a lawsuit filed by former CEO Stephen Pomeroy. Terms of the settlement are confidential but included a payment to the former executive, according to a filing with the U.S. Securities and Exchange Commission.
Pomeroy was fire on July 3 and the company announced in September that he had filed suit. Pomeroy's dismissal came just prior to the company announcing a settlement with shareholder Flagg Street Capital LLC. The shareholder had begun a proxy fight saying it didn't have faith in the company's leadership and that the firm had struggled while others in the information technology sector thrived. It also questioned the amount of Pomeroy's compensation. Pomeroy is the son of company founder and Chairman David Pomeroy.