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Monday, 01/09/2023 10:08:46 AM

Monday, January 09, 2023 10:08:46 AM

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Arbitrator Awards AAMC $1.6 Million in Arbitration Brought by its Former CEO (1/09/23)

Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE: AAMC) announced that the arbitrator awarded the Company more than $1.6 million in the arbitration brought against the Company by Indroneel Chatterjee, the Company’s former Chief Executive Officer. Mr. Chatterjee filed the arbitration after the Company terminated him for cause in April 2021.

The arbitrator had previously dismissed all of Mr. Chatterjee’s claims and awarded the Company approximately $600,000 related to the partial return of Mr. Chatterjee’s signing bonus and reimbursement to the Company for all expenses the Company incurred directly and solely as a result of Mr. Chatterjee’s misconduct in the arbitration. The arbitrator’s final award granted an additional award of fees and costs to the Company in the amount of over $1 million.

The Company intends to enforce the judgment against Mr. Chatterjee.

“We are pleased with the arbitrator’s ruling which clearly demonstrates the Company was justified in terminating Mr. Chatterjee,” said Chief Executive Officer, Jason Kopcak. “We are happy to put this matter behind us to allow us to continue building our business.”

About AAMC

AAMC is a private credit provider that originates alternative assets to provide liquidity and capital to under-served markets. We also continue to assess opportunities that could potentially be of long-term benefit to shareholders. Additional information is available at www.altisourceamc.com.

https://www.businesswire.com/news/home/20230109005605/en/

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