Business Services Industry
Frequency Electronics Inc. Makes Announcement
Business Wire, Nov 17, 1998
MITCHEL FIELD, N.Y.--(BUSINESS WIRE)--Nov. 17, 1998--Frequency Electronics Inc. (ASE:FEI) announced today that it had received $4.5 million from Associated International Insurance Co., one of the carriers of FEI's Directors' and Officers' Liability Insurance. This payment reflects reimbursement of costs incurred in the defense of the company's management in the investigation and suit which was recently settled with the U.S.
Government. General Joseph Franklin, chairman of the board, stated: "We are pleased to be reimbursed for these costs. This is further vindication of the company's management in the matters that were the subject of the government's suit."
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