Hasbro must pay millions to Super Soaker inventor
The nuclear engineer who created the toys claimed the company violated an agreement to pay him royalties.
By Christopher Freeburn
Hasbro (HAS) will have to pay a Georgia company millions of dollars after underpaying royalties for a popular line of toy guns.
An arbitrator has awarded Johnson Research and Development and founder Lonnie Johnson (pictured) $73 million in unpaid royalties. The company and its founder claimed that Hasbro failed to pay all royalties due on certain Nerf toys between 2007 and 2012, The Atlanta Journal-Constitution reported.
An attorney representing Johnson Research expressed satisfaction with the decision, noting that “we got everything we asked for."
Johnson had agreements with Hasbro covering the Nerf N-Strike and Dart Tag brands, as well as an earlier agreement under which he was to receive royalties linked to the Super Soaker line of water guns.
The latter agreement was the subject of a U.S. District Court lawsuit for breach of contract, filed in February.
The Super Soaker -- created by Johnson in 1982 -- was one of the most popular toys of the 1990s, including being America's best-selling toy from 1991-1992.
More from InvestorPlace
Not a fan of how Hasbro "nerfed" them, the new ones look really weak. Glad the inventor of the original technology got his just reward
I see one person tried to turn it into racial inequality...That's not what it's about, it was big money taking advantage of the "little guy.".....It is happening everyday and as we speak...
I don't think Hasbro dreamed up; "Yeah, lets get that Black guy.." ??
Corporations are people too my friends.
Yes they are Mr. Romney and because they are so good and pure they would never, ever think to stomp on the little guy or their employees.
He should make a 3K PSI version for Zombies!!!!!!!!!!!!!!
Lop the head right off- yeah libs too. Brains!
One group eats them the latter needs them.
This has been going on for years and is not the only person they so to speak under wrote.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
Like many companies this winter, the fast-food giant blamed a drop in same-store sales on the weather. But could its problems be bigger than a snowbank?
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.