Canopy settles with angry,ousted execs
The Canopy Group and three ousted executives challenging their firings by the company reached an out-of-court settlement late Monday, the day before a four-day hearing was to have begun in Provo's 4th District Court.
A court docket entry filed just before courts closed simply noted that the hearing on ousted Canopy CEO Ralph Yarro's motion for a preliminary injunction - originally scheduled for today through Friday before Judge Anthony Schofield - had been canceled.
Reason: Case Settled, it said.
A spokesman for Yarro - one of three executives of the Lindon technology venture capital firm ousted in December - confirmed that the hearing had been canceled, and that a settlement was indeed the reason.
Kimball Thomson could not reveal any details. However, any settlement must now be signed in front of Schofield to become formally effective. The deal would end Yarro's suit and a countersuit by Canopy and its founder, tech legend Ray Noorda, and his wife, Lawena.
Yarro and possibly two other former Canopy officers - ex-chief financial officer Darcy Mott and former corporate counsel Brent Christensen - will issue a statement as soon as we possibly can, Thomson said.
Canopy's offices were closed late Monday and no one could immediately be reached for comment.
Yarro, Mott and Christensen had filed suit in January claiming their termination was unwarranted and illegal; the suit also questioned the competency of Ray Noorda, 80, and Lawena Noorda, 81, who voted the three out on Dec. 17. Canopy and the Noordas countersued, claiming the trio had siphoned off nearly $25 million for their own purposes.
Canopy is one of Utah's most prolific tech incubators. It has dozens of companies under its umbrella, including the SCO Group - best known for its controversial $5 billion lawsuit against IBM and others related to Unix and Linux operating-system rights.