CHICAGO, March 28, 2012 /PRNewswire/ -- Veltex
Corporation-- OTC Markets symbol (VLXC)
A Final Judgment was signed and entered yesterday by a United
States District Court Judge in California. In one of the
largest civil awards ever in the Central District of California, Chief US District Court Judge
Audrey B. Collins entered the Order
and terminated the case in favor of Veltex ("Veltex") a
Chicago-based holding
corporation, on all counts.
On March 10, 2010, Veltex's
attorneys filed a 96-page federal complaint on behalf of Veltex
Corporation in the United States District Court, Central District
of California (Western Division -
Los Angeles) entitled, Veltex
Corporation vs. Javeed Azziz Matin
et al, case number 2:10-cv-01746-ABC-PJW. That case alleged damages
from 22 individual and corporate defendants. The federal litigation
outlined a massive fraudulent conveyance and transfer count wherein
millions of dollars of corporate assets were stolen by the named
defendants.
The amount of the final award exceeded $102 million in which $100,078,621 in fraudulent conveyance and
transfer damages to the corporation was found. The Court further
ordered $793,442.86 in prejudgment
interest to be paid to Veltex. The Court also ordered $2,005,172.42 in attorney's fees along with cost
and expenses of $3,859.95 bringing
the total amount of the award to $102,881,096.23. The award will also carry
post judgment interest annually as calculated by Federal rules. The
Court also found certain defendants to be liable to Veltex both
jointly and severally. The Court will retain jurisdiction over all
other defendants who had previously settled with Veltex. Certain
defendants had settled with Veltex under strict confidential
settlement agreements.
Veltex retained the Los Angeles
law firm of Blecher & Collins PC. to bring the complaint, on
behalf of the corporation, in California federal court. Lead attorneys
Maxwell M. Blecher, Maryann R. Marzano and Kristen M. Peters represented Veltex.
Merle L. Royce of the Law Firm of
Merle L. Royce was Chicago counsel in the matter for the
corporation.
Veltex will update shareholders with developments as progress
warrants. Copies of the litigation and court Orders can be found on
the corporation's website at www.Veltex.com
Veltex Corporation, a Chicago-based holding corporation, maintains
its corporate headquarters in Chicago,
Illinois.
Investor and Company Contact:
Veltex Corporation
312.235.4014
Safe Harbor Statement
Certain of the above statements contained in this press release are
forward-looking statements that involve a number of risks and
uncertainties. Such forward-looking statements are within the
meaning of that term in Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Readers are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those indicated in the forward-looking statements as a result of
various factors. This press release includes forward-looking
statements intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. These forward-looking statements generally can be identified
by phrases such as Veltex or its management "believes," "expects,"
"anticipates," "foresees," "forecasts," "estimates" or other words
or phrases of similar import. Similarly, statements herein that
describe Veltex's business strategy, outlook, objectives, plans,
intentions or goals also are forward-looking statements. All such
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements.
SOURCE Veltex Corporation