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Saab AB faces USD70m lawsuit in the US.

NORDIC BUSINESS REPORT-29 May 2003-Saab AB faces USD70m lawsuit in the US(C)1994-2003 M2 COMMUNICATIONS LTD http://www.m2.com

A lawsuit has been filed in the United States against Swedish high-technology group Saab AB.

The suit, filed by AeroThrust Corporation and its parent company Windstar Capital LLC, concerns alleged fraud and related charges arising out of the 2001 purchase of AeroThrust from Saab.

The suit alleges that Saab and its subsidiaries failed to disclose the lossof two key customers just prior to the closing of the transaction.

AeroThrust and Windstar Capital are seeking USD70m in damages, among other penalties.

One US dollar (USD) is worth approximately 0.61 British pounds (GBP).

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Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:1USA
Date:May 29, 2003
Words:125
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