Multi-Year Litigation Seeking $17 Million in Damages Ends With $150,000 Settlement
FRIEDRICHSDORF, Germany, Oct. 17, 2006 (PRIMEZONE) — AM GmbH, a privately held German company, today announced that a federal bankruptcy court in Chicago has approved a settlement between the bankruptcy litigation trust of Chinin USA, Inc. and the company concerning financing services provided by AM GmbH to Chinin between 1992 and 1997. AM GmbH paid $150,000 in the settlement in exchange for a complete release of all possible claims against the company and its founders. The bankruptcy court order approving the settlement is now final and non-appealable, and the case was dismissed with prejudice yesterday by stipulation of the parties.
"Our position since the beginning has been that the litigation lacked merit. This settlement provides a resolution to a matter that had become a significant nuisance over a several-year period and we look forward to more productive use of management’s time," said Arnold Mattschull, chairman and president of AM GmbH.
Steve Jakubowski of The Coleman Law Firm, based in Chicago, represented AM GmbH in the litigation.
About AM Group
The AM Group produces "ready-to-wear" clothing from designs with modern machinery, trained skilled employees, and effective logistics with a total capacity of more than one million garments per month. The AM Group currently operates four state-of-the-art production facilities in India, Sri Lanka, and China with more than 2,400 employees. Additional information is available at www.AM-Fashion.com
CONTACT: Maier & Company, Inc. Gary S. Maier/Crystal Warner (310) 442-9852
© Steve Jakubowski 2005