DURHAM, N.C. " Cree Inc. has reached an agreement with former chief executive officer Eric Hunter and his wife Jocelyn Hunter to dismiss their lawsuit against all defendants. The deal also bars them from asserting the claims against Cree in the future, the company said Tuesday (Nov. 25).
The agreement, which ends legal proceedings in a family feud between brothers, does not require any payments to either Eric or Jocelyn Hunter, Cree said.
Cree said it has accepted Eric Hunter's resignation and terminated part of his remaining stock options. The agreement also contains mutual pledges not to sue. They were conditioned on the court granting a joint motion to dismiss the lawsuit, the company said.
In June, Eric Hunter filed a suit against Cree and his brother, company chairman F. Neal Hunter, alleging that beginning in 1995, Cree and F. Neal Hunter filed false and misleading statements with the Securities & Exchange Commission relating to public stock offerings. It also alleged that they omitted material facts from earnings statements and misled auditors concerning income paid to officers and directors.
The case grew more bizarre when court papers, including affidavits from family members, reportedly alleged that Eric Hunter had been mentally ill and that he had claimed that the Hunter family was involved in the assassination of President John F. Kennedy. Eric Hunter subsequently denied the statements.