e-Plus Inc.

In January 2005 GMAC Commercial sued e-Plus Inc. for about $10.65 million seeking payment of promissory notes from an alleged breach of warranties regarding an assignment of debt from ePlus, as leaser, for leases with Cyberco Holdings. The original claim totaled $13. 4 million with a trial set for July 2006. In June, Cyberco principal pled guilty to fraud, money laundering and conspiracy and the U.S. Attorney asserted that Cyberco defrauded approximately 40 financial institutions of approximately $90 million. EPlus has settled a lawsuit with GMAC Commercial Finance that includes a cash payment of $6 million. (Jul-26-06) [BUSINESS WEEK]

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