A Medical Device Daily
Competitive Technologies (CT; Fairfield, Connecticut) said that the arbitrator gave an award to John Nano, the company's former chairman, president/CEO, despite the company's strongly held belief that the board exercised its reasonable discretion in finding that the former executive engaged in willful misconduct and gross negligence and that the executive's actions were cause for employment termination under the employment agreement and governing law. Nano had requested a payment of $750,000, which he believed was due under his employment agreement. The company has posted that amount in escrow pending the outcome of this case, which has been before the American Arbitration Association since September 2010.
The company is analyzing the arbitrator's decision document to determine its future course of action.
Competitive Technologies is a specialist in developing and commercializing products and technologies. CT is the licensed distributor of the non-invasive Calmare pain therapy medical device, which uses the biophysical “Scrambler Therapy“ technology developed in Italy by CT's client, Giuseppe Marineo to treat neuropathic pain, including cancer pain.