EFTB 0.042 X 0.05. $2.5M DOLLAR lawsuit win news pending
On May 26, 2016, the Court struck CTX’s Answer to the Complaint and entered a default judgment. The Company thereafter submitted a default judgment
package. On September 6, 2016, the court, after reviewing the default judgment package, entered judgment against CTX, and in favor of the Company, in the
amount of $2,500,000.
On December 6, 2013, the Company named George Curry, a former director and officer of the Company, as one of the defendants in the Superior Court of
California, County of Los Angeles, with reference to the CTX investment transaction, in which the Company alleges, among other things, that Mr. Curry breached
his fiduciary duty and committed fraud and misrepresentation in respect of the Company’s investment in CTX.
On April 18, 2014, George Curry filed a Notice of Removal for the above action to be brought in the District Court of California, Los Angeles (Western District).
In the same action, he brought a counterclaim against the Company, Jack Qin and Pyng Soon and sought implied and equitable indemnity, declaratory relief and
apportionment of fault. On or around December 11, 2014, George Curry filed a motion for summary judgment against the Company and all other cross defendants
in the matter. The motion was heard on February 26, 2015 and the court denied George Curry’s motion. Thereafter, a second motion for summary judgment was
filed by Mr. Curry. That motion was denied as well. The final resolution of the entire matter is still pending. Trial is currently scheduled for February 7, 2017. In
addition, the Court consolidated the trial of this matter with that of the Company’s lawsuit against CTX, Buckman, Buckman & Reid and Peter Lau
AI
