logo
Share SHARE
FONT-SIZE Plus   Neg

Veltex Awarded $102 Mln By US District Federal Court

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple will unveil its Apple Watch with a battery that may last only 2.5 to 4 hours on very active use, according to a report in 9to5mac. "People with knowledge of the Apple Watch's development have provided us with the specific performance targets Apple wants to achieve for the Apple Watch battery,... HARMAN International Industries, Inc. (HAR) announced it has signed an agreement with Symphony Technology Group to acquire Symphony Teleca, a privately-held global software services company. Check out this story for a look at some of We are just a few weeks into 2015 and it has already been a busy year for merger deals and merger talks. Here is a list of some of the M&A stories that have made headlines so far in 2015.
comments powered by Disqus
Follow RTT