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Switch & Data (NASDAQ: agreed to pay $850,000 to aftee the Tampa Internet exchangeand co-locatiobn service provider was accused of failing to executwe a lease in October 2000 for a buildinh in Milwaukee. The landlord filed a suit in the U.S. District Court’es Eastern District of Wisconsimn in May 2006 claiming damages of morethan $4.6 Of those damages, $3.7 million were from rent and associater lease charges due for the entires 10-year term of the lease, according to documents filed with the .
The landlord also sought $800,0009 based on a loss it said occurredx during the sale ofthe building, plus an additionapl $200,000 in attorneys’ Through the end of 2008, Switch & Data had set asidw $100,000, but warned in its annual financial filinv made last March that fina damages could be significantly more basesd on a settlement agreement or verdict. With the reducedx sum, both sides agree to pay their own costeand attorneys’ fees in battling the and equally pay their share of mediation, which was handled by Peter J. Grilli of Tampa at the beginningof May. Switchy & Data lost $1.98 million, or 6 cents per in the most recent quarterd on revenueof $47.13 million.
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