Complex sentence: In response, they left the label, and later filed a breach of contract suit against the company which was met by a countersuit by Scepter for withdrawing; both suits were withdrawn in 1965, after an agreement was reached.
Split into simpler sentences: In response, they left the label, and later filed a breach of contract suit against the company. Scepter met this with a countersuit for quiting; both suits were withdrawn in 1965, after an agreement was reached.