SAO PAULO (Reuters) - Brazil’s listed gun manufacturer Taurus Armas SA has approved the preliminary terms to settle a case related to alleged defects in revolvers sold under the Rossi brand by the company in the United States.
According to a securities filing on Wednesday, the cost of settling the case, which also involves its local U.S. subsidiary Braztech International LC, is estimated at between $7.1 million and $7.9 million.
The claim was filed at the U.S. District Court for the Southern District of Florida by William Burrow, Oma Louise Burrow, Suzanne M. Bedwell and Ernest D. Bedwell, Taurus said.
The settlement terms approved by Taurus’ board result from long negotiations between the parties and seek to minimize the financial impact stemming from the litigation, the gun maker said.
Reporting by Ana Mano; editing by Jason Neely