Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Veltex Awarded $102 Mln By US District Federal Court

3/21/2012 1:21 PM ET

Veltex Corp. (VLXC.PK) said Wednesday that a United States District Court in California has handed down one of the largest awards ever in the Central District of California in favor of the company.

On March 10, 2010, Veltex's attorneys filed a 96 page federal complaint on behalf of the company in the United States District Court, Central District of California entitled, Veltex Corporation vs. Javeed Azziz Matin et al, alleging damages from 22 individual and corporate defendants.

The litigation outlined a massive fraudulent conveyance and transfer count wherein millions of dollars of corporate assets were stolen by the defendants.

Chief US District Court Judge Audrey Collins ruled in favor of Veltex and against certain defendants directing the company to file a proposed final order, which has been done. The company expects the court to sign the final order on or before April 1.

The amount of the award exceeded $102 million dollars in which $100,078,621 in fraudulent conveyance and transfer damages to the corporation was found. The court further ordered $793,442.86 in prejudgment interest to be paid to Veltex. The court also ordered $2,005,172.42 in attorney's fees along with cost and expenses of $3,859.95 bringing the total amount of the award to $102,881,096.23. The award will also carry post judgment interest annually as calculated by Federal rules.

Certain other defendants have settled with Veltex under strict confidential settlement agreements.

Register
To receive FREE breaking news email alerts for Veltex Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. said Wednesday after the markets closed that its second quarter profit rose 7% from last year, as sales surged and margins improved amid strong sales of its iPhones. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave a slightly downbeat revenue forecast for the current quarter. Stocks moved mostly lower during trading on Wednesday, giving back some ground after trending higher over the past several sessions. Selling pressure was relatively subdued, however, limiting the downside for the markets. The major averages all closed in the red, although the tech-heavy Nasdaq underperformed its counterparts by a wide margin. Russian Foreign Minister Sergei Lavrov warned Wednesday that Moscow would retaliate strongly if its "interests" in Ukraine are attacked. He also criticized the Ukrainian administration for relaunching its so-called anti-terrorist operation in the east of the country a day earlier. Lavrov's remarks came in an interview with Russia Today, which published excerpts of the English-language interview to
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.