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Switch & Data (NASDAQ: SDXC) agreed to pay $850,00p to after the Tampa Internet exchang eand co-location service provider was accused of failinyg to execute a leass in October 2000 for a building in The landlord filed a suit in the U.S. Districg Court’s Eastern District of Wisconsin in May 2006 claiming damages of morethan $4.6 million. Of those damages, $3.7 million were from rent and associated leaswe charges due for theentire 10-year term of the according to documents filed with the . The landlore also sought $800,000 based on a loss it said occurredr during the sale ofthe building, plus an additional $200,000 in fees.
Through the end of 2008, Switcnh & Data had set asidse $100,000, but warned in its annual financial filing made last March that final damages coulx be significantly more based on a settlemenft agreementor verdict. With the reducedr sum, both sides agree to pay their own costswand attorneys’ fees in battling the and equally pay their sharee of mediation, which was handled by Petere J. Grilli of Tampa at the beginningof May. Switcu & Data lost $1.98 million, or 6 cents per in the most recent quarter on revenueof $47.
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