NetworkNewsBreaks – LiveWire Ergogenics Inc. (LV
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Posted On: 02/03/2020 3:50:07 PM
NetworkNewsBreaks – LiveWire Ergogenics Inc. (LVVV) Prevails in Long-Lasting Lawsuit with New York Lender
LiveWire Ergogenics Inc. (OTC: LVVV), a health and wellness company with a focus on special purpose real-estate acquisitions and the licensing and management of high-end and permitted facilities and operations to provide cannabis-based products and services in California, announced that it has prevailed in a long-lasting lawsuit with America E Group. According to the update, United States District Court Judge Gregory H. Woods of the United States District Court for the Southern District of New York on January 28, 2020, issued an opinion and order in the action entitled, American E Group LLC v. Livewire Ergogenics Inc. (18-civ-3969) that granted Livewire Ergogenics Inc’s (“Livewire”) motion to dismiss all of Plaintiff American E Group’s (“AEG”) claims against Livewire. The Court additionally denied AEG any attempt to reassert its claims because any attempt to do so would be “futile.” AEG’s dismissed claims sought, as consideration for a loan that had been made to the Company, the recovery of principal and interest and issuance of Livewire stock; however, The Court held that AEG’s loan to Livewire was criminally usurious and, therefore, void under New York law. Livewire’s counterclaims against AEG for aiding and abetting breach of fiduciary duty, breach of implied covenant of good faith and fair dealing and civil conspiracy are still pending.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
LiveWire Ergogenics Inc. (OTC: LVVV), a health and wellness company with a focus on special purpose real-estate acquisitions and the licensing and management of high-end and permitted facilities and operations to provide cannabis-based products and services in California, announced that it has prevailed in a long-lasting lawsuit with America E Group. According to the update, United States District Court Judge Gregory H. Woods of the United States District Court for the Southern District of New York on January 28, 2020, issued an opinion and order in the action entitled, American E Group LLC v. Livewire Ergogenics Inc. (18-civ-3969) that granted Livewire Ergogenics Inc’s (“Livewire”) motion to dismiss all of Plaintiff American E Group’s (“AEG”) claims against Livewire. The Court additionally denied AEG any attempt to reassert its claims because any attempt to do so would be “futile.” AEG’s dismissed claims sought, as consideration for a loan that had been made to the Company, the recovery of principal and interest and issuance of Livewire stock; however, The Court held that AEG’s loan to Livewire was criminally usurious and, therefore, void under New York law. Livewire’s counterclaims against AEG for aiding and abetting breach of fiduciary duty, breach of implied covenant of good faith and fair dealing and civil conspiracy are still pending.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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