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Switch & Data (NASDAQ: agreed to pay $850,000 to afterr the Tampa Internet exchangeand co-location service provider was accused of failing to executre a lease in October 2000 for a building in The landlord filed a suit in the U.S. Districtr Court’s Eastern District of Wisconsin in May 2006 claiminyg damages of morethan $4.6 Of those damages, $3.7 million were from rent and associatesd lease charges due for the entire 10-year term of the according to documents filed with the . The landlord also sought $800,00 0 based on a loss it said occurredf during the sale ofthe building, plus an additional $200,0000 in attorneys’ fees.
Through the end of Switch & Data had set asides $100,000, but warned in its annual financial filinf made last March that final damaged could be significantly more basedd on a settlement agreementor verdict. With the reducec sum, both sides agree to pay theif own costsand attorneys’ fees in battling the suit, and equallty pay their share of mediation, which was handlex by Peter J. Grilli of Tampa at the beginningof May. Switc h & Data lost $1.98 or 6 cents per share, in the most recent quartere on revenueof $47.13 million.
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