Swenvest adv. NRI
Dec 26, 2008OUTCOME: Dismissal of all claims with prejudice.
Represented a New York/New Jersey investor in a textile dyeing facility located in North Carolina. The investor, after the company experienced financial difficulties, became it nominal manager even th ... ough he delegated day-to-day control of the company's operations to its senior plant managers. Due to the influx of imported textiles from overseas, the dyeing facility was eventually forced to close down operations. Even though our client had made a series of loans to the company and engaged in a series of other efforts to (unsuccessfully) turn the company's fortunes around, a single investor brought suit against our client in the Supreme Court of the State of New York claiming that our client committed fraud, breach his fiduciary duty to other investors and engaged in acts of self-dealing under North Carolina law. After a four days of testimony, including testimony from a series of out of state witnesses, the trial judge issued a decision completely vindicating our client and dismissing all of plaintiff's claims.
