RAMSOONDAR UPDATES - FROM JUDGE RAKOFF SEPT 8, 2015A written memorandum from the Judge in the Fredy Ramsoondar case in New York is available online. It provides the timeline for the final amount of Judgement - to be released on September 30, 2015. This will take into account the final monies collected by bill collectors for FGI so that monies awarded in the Judgement are not collected twice by FGI. In addition to media already provided documents, major Canadian Banks have been advised of the ruling in New York and the Alberta proceedings against Ramsoondar and GPS Security Group. The memorandum from Judge Rakoff appears below.
MEMORANDUM ORDER: Accordingly, FGI, after calculating these new amounts, is directed to submit by no later than September 15, 2015, a proposed Final Judgment calculating, in accordance with the foregoing rulings, what is owed as of September 30, 2015. Additionally, in order to preclude the possibility of double recovery, the proposed judgment must reflect that any amounts that FGI recovers after the entry of judgment in this case but before collection from Ramsoondar must, after accounting for any additional fees covered by Section 10 of the Guaranty, be deducted from the amount for which Ramsoondar is liable. Ramsoondar, if he disagrees with any of the new calculations as an arithmetic matter, may submit his objections by September 22, 2015. The Court, after reviewing these submissions, will issue a Final Judgment on September 30, 2015.SO ORDERED. (Signed by Judge Jed S. Rakoff on 9/07/2015) (ama)