Payless (Collective Brands Inc.) Letter to Shareholders Outlines Arguments Against $137 Million Punitive Award

Last week we blogged about Adidas’s $305 million verdict against Payless for trademark infringement. Today, Payless (actually Collective Brands Inc.) has issued this letter to its shareholders regarding the verdict. The letter sets forth Collective’s various arguments for attacking the verdict, including the fact that the total verdict is roughly 15 times the profits that Payless made on the offending shoes.