Post by
onlythetruth15 on Apr 07, 2015 3:46pm
FGI WINS VS FREDY RAMSOONDAR - NO TRIAL
Summary Judgement has been awarded to FGI on April 6, 2015 in their lawsuit vs Fredy Ramsoondar in New York. FGI seeks in excess of $2 million 7 hundred thousand dollars from Fredy Ramsoondar for uncollected receivables and costs incurred to date. Judge Jed Rakoff on March 19, 2015 granted FGI's motion to dismiss Ramsoondar's counterclaim for failure of consideration and on April 6, 2015 the same Judge granted FGI's motion to dismiss Ramsoondar's affirmative defense of failure of consideration. The Judge noted "specifically, FGI is entitled to summary judgement on its claims that Ramsoondar breached certain representations and warranties in the guaranty at issue in this case, see Declaration - exhibit......, and is liable for the funds that FGI advanced to United Protection under the Sale of Accounts and Security Agreement that remain uncollected......" Judge Jed Rakoff ordered the lawyers for both FGI and Ramsoondar to conference call with him on April 6, 2015 to set a date in court to verify exact dollar amounts of claims made for monies that remain outstanding in addition to any other damages or costs that may be sought by FGI. There is not going to be a trial now but rather a day in court as a matter of process in determining the exact dollar figure including any additional damages or costs incurred by FGI that Ramsoondar now owes as a result of the Judge's finding. *note documents are a matter of public record and can be obtained online.
Comment by
Wetlilly on Apr 08, 2015 4:15pm
What could this mean for the shareholders that got stung?