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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.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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