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Court of Appeals for the Federal Circuit.
−Removed: The appeal is fully briefed and is awaiting oral arguments before the court.
+Added: On January 24, 2025, the Court ruled in favor of the Company and Precision Planting.
+Added: The case remains subject to the right of Deere to file for a writ of certiorari from the U.S.
+Added: Supreme Court.
The Company has an indemnity right under the purchase agreement related to the acquisition of Precision Planting from its previous owner.
Pursuant to that right, the previous owner of Precision Planting currently is responsible for the litigation costs associated with the complaint and is obligated to reimburse AGCO for some or all of the damages in the event of an adverse outcome in the litigation.
+Added: In April 2024, the Company gave notice to Tractors & Farm Equipment Limited (“TAFE”) that the Company was terminating all of its commercial arrangements with TAFE.
+Added: TAFE responded by disputing the terminations and bringing several lawsuits against the Company in India.
+Added: The Company filed for arbitration of several of the disputes in London.
+Added: In general, the lawsuits contend that the Company is not entitled to terminate the commercial relationships and that TAFE has an interest in the Massey Ferguson trademark in India.
+Added: The Company does not believe that TAFE’s positions have merit and is defending the litigation, and pursuing the arbitrations, vigorously.
+Added: We believe the reasonably possible range of losses for the unresolved legal actions would not have a material effect on our financial statements.
+Added: Refer to Note 18 of our Consolidated Financial Statements contained in Item 8, “Financial Statements and Supplementary Data,” for further discussion of our relationship with TAFE.
We are a party to various other legal claims and actions incidental to our business.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.