LAWSUITS NEWS & LEGAL INFORMATION
Bankruptcy Battle
This is a settlement for the Bankruptcy lawsuit.
Toronto, CA: (May-13-08) A lawsuit was brought against the Goldfarb Corporation in connection with the US bankruptcy of Fleming Packaging Corp., a former subsidiary of Goldfarb. The April 2004 lawsuit sought $26 million in compensation. As part of a settlement agreement reached in the case, Goldfarb Corporation agreed to a $1.45 million payout to resolve the suit. Company spokespersons said that the company is seeking contribution toward the settlement amount from the insurer of the Corporation's directors and officers. Officials said that the amount that will be contributed by the insurance company has not been determined at this time.
The settlement will be finalized as soon as the corporation obtains comfort from Canada Revenue Agency that the distribution will be characterized in a manner that is favorable to the shareholders; Bankruptcy Court approval of the Fleming settlement; and shareholder approval. [YAHOO FINANCE: THE GOLDFARB CORPORATION ANNOUNCES SETTLEMENT IN LITIGATION WITH FLEMING PACKAGING]
Published on May-15-08
The settlement will be finalized as soon as the corporation obtains comfort from Canada Revenue Agency that the distribution will be characterized in a manner that is favorable to the shareholders; Bankruptcy Court approval of the Fleming settlement; and shareholder approval. [
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