Koss to receive $3 million in American Express settlement in Sachdeva embezzlement case

Koss Corp. said Friday that it has settled its lawsuit against American Express Co. related to the embezzlement of $34 million of Koss funds by a former Koss employee.

The settlement calls for Koss to receive a gross payment of $3 million, but net proceeds will include expenses relating to attorneys' fees and costs, Koss said in a press release.

"The matter has been resolved to the mutual satisfaction of the parties," said Michael Koss, CEO of Koss Corp., a Milwaukee-based designer and marketer...