EFactor Group Corp. (fka EFCT)

[blue dog]

STDR (plaintiff) settled lawsuit mentioned in amended 10k for 2010, according to an "Agreed Motion to Retain" filed March 1, 2012. (Basically, the motion seeks to have the Court move the case off the active docket.)

The settlement terms are not in the docket, but the joint motion to put the case on hold indicates that the defendants will pay STDR money over seven months (through July 30, 2012). So it must be sizeable.

On July 26, 2010, we filed a lawsuit against Mr. Tomlinson and PBT in the 151st Judicial District Court of Harris County, Texas, Case No. 2010-46137, seeking damages for breach of contract, negligent misrepresentation, fraud, unjust enrichment, fiduciary misconduct, exemplary damages, and declaratory judgment with respect to certain agreements entered into between Mr. Tomlinson, PBT and the Company related to the transactions described earlier in this report. We are currently involved in discovery and a trial has been scheduled for July 2011. While we are vigorously prosecuting these claims, we are unable to predict at this time the outcome of any pending legal proceedings.

http://ih.advfn.com/p.php?pid=nmona&article=51133457

(The docket is available online via Harris County courts with the case number in the amended 10k: http://www.hcdistrictclerk.com/eDocs/Public/Search.aspx?ShowFF=1.)

Since the settlement happened on Jan. 24, 2012 (according to the motion), maybe there is other news as well. Settling the lawsuit (against former management) apparently clears the way for a clean STDR to move forward under Mr. Rector.

Can't wait to see the new (2011) 10k.