Disputes in the business world are very common. People and companies in the Miami area don’t always see eye to eye. Many times these disputes can be harmless, but sometimes they have the potential to be very costly to a company.
A data-mining company in Boca Raton continues to rebuild itself after settling a lawsuit with a former director. TLO LLC has chosen to settle a $30 million lawsuit with the former director, who has since passed away. The company claims that the litigation was one of the major reasons it had to file for bankruptcy earlier this year. The company has begun to move forward, recently naming a new president and hiring a new investment firm.
According to reports, TLO and the former executive’s estate have agreed to settle the case. That settlement reportedly includes an exchange of stock held by the deceased’s estate and by TLO, which was filed on TLO’s Chapter 11 bankruptcy docket. According to the suit, the former director in question was terminated after an apparent dispute with other managers of the company. After he filed suit against TLO, the company countersued with claims of misappropriated funds.
Any time a business or a company finds itself in a legal battle, it’s important for the company to understand the legal implications. Without the proper knowledge and understanding a business could face the possibility of losing everything. Any company who is facing litigation from an employee or another business might want to speak with an experienced business litigation attorney today.
Source: South Florida Business Journal, "TLO settles $30 million litigation with former director," Paul Brinkmann, August 14, 2013.