Ford motor company (F) said that the company and Mecum Auctions settle litigation over Ford GT ownership agreement.
On May 19, 2018, Mecum Auctions presented a limited edition 2017 Ford GT for auction at its Spring Classic Auction in Indianapolis, Indiana, attracting global media attention that potentially caused confusion with Ford GT owners and the general public.
Ford brought action against Mecum in Marion County, Indiana. Ford and Mecum are pleased to announce that all matters subject of the litigation have been resolved and settled on terms that are designed to promote mutual good will and business respect.
The litigation settlement clears up any lingering confusion that surrounds the Ford GT ownership agreement and its enforceability.
While the terms of the settlement agreement are and will remain confidential, Mecum and Ford agree as follows: Mecum will not accept for consignment sale any Ford GT owned by its original purchaser that is still subject to the two-year sales moratorium; Mecum will consult with Ford regarding any Ford GT consigned with Mecum by any downstream purchaser for the first two years following the GT's initial sale to the original purchaser, and will not permit the auction sale of that GT during that time without Ford's consent; and Settlement proceeds from Mecum will be donated to the Ford Motor Company Fund.
Final orders dismissing all matters in controversy have been entered by the Marion County Commercial Court. Ford and Mecum jointly urge that all original purchasers of Ford GTs abide by the terms of their agreements in order to avoid controversy.
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