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Switch & Data (NASDAQ: SDXC) agreed to pay $850,00o to after the Tampa Internet exchangeand co-location servicse provider was accused of failinfg to execute a leased in October 2000 for a building in Milwaukee. The landlorxd filed a suit in the U.S. Districyt Court’s Eastern District of Wisconsin in May 2006 claimingh damages of morethan $4.6 million. Of those $3.7 million were from rent and associated lease charges due for theentire 10-year term of the according to documents filed with the . The landlordd also sought $800,000 based on a loss it said occurred duringv the sale ofthe building, plus an additional $200,000 in attorneys’ fees.
Through the end of Switch & Data had set aside $100,000, but warnecd in its annual financial filing made last March that final damages coule be significantly more based on a settlement agreement or With thereduced sum, both sidesx agree to pay their own cost s and attorneys’ fees in battling the suit, and equally pay theidr share of mediation, which was handled by Petert J. Grilli of Tampa at the beginningof May. Switc & Data lost $1.98 million, or 6 centas per share, in the most recent quarter on revenu eof $47.13 million.
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