Tecnomatic S.p.A Charges Remy Inc. With Fraud And Breach of Fiduciary Duty
Business Wire, March 10, 2011
March 10, 2011 at 07:00 PM
1 minute read
The original version of this story was published on Law.com
CHICAGO–(BUSINESS WIRE)–Tecnomatic S.p.A., an international maker of stator technology used in hybrid and electric automobiles, filed a $110 million lawsuit today in United States District Court for the Northern District of Illinois against Remy, Inc. (OTC: RMYI.PK). The suit charges Remy, Inc. and others with multiple counts of fraud, breach of fiduciary duty, unfair competition and negligent misrepresentation. A full copy of the complaint can be found online at http://bit.ly/gMMkbJ.
The lawsuit claims that proprietary technology developed by Tecnomatic S.p.A. was improperly secured by Remy and referenced in Remy's application for $60 million in taxpayer grants from the United States Department of Energy (DOE) in October 2008. According to the complaint, at least one former Remy employee has submitted sworn testimony demonstrating that the company's application to the DOE included technical materials developed by Tecnomatic S.p.A.
Read the full Business Wire story, “Tecnomatic S.p.A Charges Remy Inc. With Fraud And Breach of Fiduciary Duty.”
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