Subsidiary Added as Co-Defendant in Civil Action.PROVO, Utah--(BUSINESS WIRE)--March 13, 1998--Liberty Mint Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:LIBY) Friday announced that on or about Feb. 13, 1998, Liberty Mint Inc., the operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Liberty Mint Ltd., was added as a co-defendant in a consolidated civil action number H96-2480 in the United States District Court for the Southern District of Texas The United States District Court for the Southern District of Texas is the Federal district court with jurisdiction over the southern part of Texas and is a part of the Fifth Circuit. The court's headquarters is in Houston, Texas and has six additional offices in the district. , Houston Division. The suit is for an unspecified amount of consequential damage (Law) Damage so remote as not to be actionable Damage which although remote is actionable. Actionable damage, but not following as an immediate result of an act. See under Consequential. See also: Consequential Consequential Consequential Damage , interest and expenses. Management has hired the firm of Abrams Scott & Bickley L.L.P. of Houston, to represent Liberty Mint in this case. The lawsuit is in reference to defective gold coins Gold coins Coin minted in gold, such as the American Eagle or the Canadian Maple Leaf. that were subcontracted by Liberty Mint to Johnson Matthey Johnson Matthey plc (LSE: JMAT) is a British chemical company which has its headquarters near Holborn in central London. It is traded on the London Stock Exchange and is a constituent of the FTSE 100 Index. Ltd. for Investors Guaranty Corp. in 1995. The coins were promptly replaced with good coins with no defects. Liberty Mint hopes to be able to enforce a prior agreement with Investors Guaranty Corp. to dismiss Liberty Mint from the case for their cooperation. Management has requested that Johnson Matthey Ltd. enter into a joint defense agreement for Johnson Matthey to cover all legal expenses of defending Liberty Mint in this case. Management does not expect for this to materially effect the operations of the company. Liberty Mint Ltd., through its subsidiary Liberty Mint Inc., performs custom minting and develops, manufactures and markets custom and licensed commemoratives and collectibles in both precious and nonprecious metals. Primary products are custom coins, commemoratives and silver sculptures. CONTACT: Liberty Mint Inc., Provo Dan Southwick, 801/356-6151 |
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