Automodular Corporation: Court Approves Litigation Settlement.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Automodular Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AM)("Automodular"), formerly Algonquin Mercantile Relating to trade or commerce; commercial; having to do with the business of buying and selling; relating to merchants. A mercantile agency is an individual or company in the business of collecting data about the financial status, ability, and credit of individuals Corporation ("Automodular"), reports that its agreement to settle outstanding litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with West Street Capital (formerly Consolidated Enfield Corporation) has been approved by the Superior Court of Justice. The litigation was commenced in 1995 and concerned alleged oppression The offense, committed by a public official, of wrongfully inflicting injury, such as bodily harm or imprisonment, upon another individual under color of office. Oppression, which is a misdemeanor, is committed through any act of cruelty, severity, unlawful exaction, or in the management of the business of Enfield. In the litigation, Automodular was seeking damages from the defendants, including Hees International Bancorp Inc. (a predecessor of Brascan Corporation) for itself in the amount of $35 million and for West Street in the amount of approximately $225 million. Under the settlement, West Street is to receive a payment of $3 million from Brascan Corporation. Automodular is to receive a payment from Brascan of $11 million. There has been no admission of liability on the part of any party. The purpose of the settlement is to eliminate the expense and opportunity cost for all parties associated with continued litigation. Automodular Corporation (TSX:AM) |
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