Tutor Perini Announces Favorable Arbitration Decision

Rhea-AI Summary

Tutor Perini Corporation (NYSE: TPC) announced receiving a partial final arbitration award of approximately $23.6 million against Gary Segal, the former owner, president, and CEO of Five Star Electric Corporation, on September 28, 2020. The arbitrator determined Mr. Segal breached his employment agreement and fiduciary duties. As the prevailing party, Tutor Perini will seek recovery of attorneys’ fees and interest. This matter will now advance to the final phase of arbitration.

Positive

• Received a $23.6 million arbitration award.
• Company to seek recovery of attorneys’ fees and interest.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)--Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that on September 28, 2020, the Company received a partial final arbitration award of approximately $23.6 million against Gary Segal, the former owner, president and CEO of Five Star Electric Corporation (“Five Star”), a wholly owned subsidiary of the Company that was acquired in 2011. The arbitrator found, among other things, that Mr. Segal breached his employment agreement and breached the fiduciary duties the law imposed on him as president and CEO of Five Star. As the prevailing party, the Company will seek recovery of its attorneys’ fees and pre- and post-judgment interest. This matter will now proceed to the final phase of arbitration.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict quality control measures.