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

Quick Facts

Editors Pick
Housing starts in the U.S. showed a notable increase in the month of March, according to a report released by the Commerce Department on Wednesday, although starts still came in well below economist estimates. The report showed that housing starts climbed 2.8 percent to an annual rate of 946,000 in March from the revised February estimate of 920,000. After moving mostly higher over the course of the two previous sessions, stocks may see some further upside in early trading on Wednesday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 63 points. The U.K. unemployment rate fell below the 7 percent threshold to a five-year low in February and average earnings finally moved above inflation reducing the squeeze on household finances. The jobless rate came in at 6.9 percent of the labor force, the lowest since February 2009, data from the Office for National Statistics showed Wednesday.
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.