Printer Friendly

ALLOU RECEIVES AWARD IN LAWSUIT WITH NATIONWIDE INSURANCE COMPANY

 BRENTWOOD, N.Y., June 21 /PRNewswire/ -- Allou Health & Beauty Care, Inc. (AMEX: ALU) today announced after a one week trial in its lawsuit against Nationwide Insurance Company involving a burglary, which occurred during December 1989, at Allou's warehouse in Brentwood, N.Y., that the jury has awarded Allou $960,000 against which $777,000 was previously recorded as a claims receivable in the company's financial statements. Allou will also be entitled by law to an additional amount of interest totalling $290,000.
 Furthermore, Allou's attorney, New York Law School Insurance Law Professor Dennis D'Antonio, senior partner of New York's Weg & Myers, P.C., has informed Allou's management that the court is scheduling a trial to determine damages occasioned by Nationwide Insurance Company's deceptive acts and practices which may entitle Allou to reimbursement of its attorney fees. Should attorney fees not be recovered, the net recovery to Allou will be reduced by the amount it pays for legal fees and disbursements.
 The defendant in the case, Nationwide Insurance Company, had vigorously contested the claim.
 David Shamilzadeh, chief financial officer of Allou, commented that Allou is pleased with the jury's verdict which confirms management's decision to protect its stockholders' interest.
 Allou Health & Beauty Care, Inc. is the premier distributor of over 8,000 nationally advertised health and beauty aid products in the northeast and Miami areas. In addition, the company is a leading nationwide distributor of over 7,000 prestige designer fragrances and cosmetics. The company also distributes nationally advertised non- perishable branded food items. Most recently, Allou has become a direct manufacturers' distributor of prescription pharmaceutical products. Allou's account base consists of 3,700 independent drug and convenience stores including the leading national chain stores.
 -0- 6/21/93
 /CONTACT: David Shamilzadeh, senior vice president and chief financial officer of Allou Health & Beauty Care, Inc., 516-273-4000/
 (ALU)


CO: Allou Health & Beauty Care, Inc.; Nationwide Insurance Company ST: New York IN: HOU SU:

PS-MP -- NY001 -- 3886 06/21/93 08:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 21, 1993
Words:330
Previous Article:BEST BUY CO., INC., REPORTS FIRST QUARTER FINANCIAL RESULTS
Next Article:DALFORT AVIATION NAMES BOHAN DIRECTOR OF MAINTENANCE
Topics:


Related Articles
FIRST AND FINAL ADD TO ALLOU HEALTH & BEAUTY CARE
ALLOU HEALTH & BEAUTY CARE REPORTS RESULTS
NATIONWIDE SUBSIDIARY VOWS VIGOROUS FIGHT AGAINST "GROUNDLESS" ALLEGATIONS
MASSACHUSETTS AND NATIONWIDE LIFE AMICABLY SETTLE THEIR DISPUTE
ALLOU HEALTH & BEAUTY CARE ANNOUNCES INCREASE IN REVOLVING CREDIT LINE
ALLOU HEALTH & BEAUTY CARE REPORTS QUARTERLY RESULTS
ALLOU EXPECTS TO ANNOUNCE STRONG THIRD QUARTER RESULTS; GROWTH CONTINUES UNABATED
UNICO AMERICAN SUBSIDIARY, CRUSADER INSURANCE, FILES LAWSUIT
FLORIDA STATE TREASURER AND INSURANCE COMMISSIONER NELSON ANNOUNCES RECORD $100 MILLION SETTLEMENT
Allstate Files $25 Million Lawsuit Against Los Angeles Doctors and Chiropractors Accused of Medical Fraud

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters