|By PR Newswire||
|September 24, 2013 09:30 AM EDT||
NEW YORK, Sept. 24, 2013 /PRNewswire/ -- An Ohio court today issued a directed verdict dismissing claims of fraud, interference with contract, abuse of process and civil conspiracy against Lynn Tilton, founder and CEO of Patriarch Partners, LLC, and certain affiliated entities brought by MA Equipment Leasing 1 LLC and MA 265 North Hamilton Rd., LLC (collectively "Marcus Adams"), two Los Angeles real estate investment entities. After two weeks of trial and at the close of Marcus Adams' affirmative case, the Ohio court held that there was no evidence to support the fraud and other claims it dismissed and directed that a verdict be entered in the Patriarch defendants' favor.
Following the court's directed verdict ruling in the Patriarch defendants' favor, in order to avoid the expense and burden of further litigation, the parties agreed to resolve privately the lone remaining claim in the case, which involved an equipment lease between Marcus Adams and Zohar Waterworks. The terms of the settlement are confidential.
"We're pleased the judge recognized that there was no evidence whatsoever to support the dismissed charges," said Hillary Richard of Brune & Richard, the lead trial counsel in the case.
The ruling by the Franklin County Court of Common Pleas in Columbus, Ohio, marks the fourth straight legal victory for Tilton.
In August, the United States Court of Appeals for the Eleventh Circuit ruled in favor of two companies owned by Tilton, overturning a Georgia jury's verdict. In a dispute involving a joint venture between Swift Textiles (Galey & Lord's denim manufacturing division) and Denim North America Holdings, LLC, the appellate court vacated the jury's verdict, which would have unwound the venture.
In July, an arbitration panel ruled in favor of Tilton's MD Helicopters in a dispute with Boeing. That arbitration will enable MD Helicopters to continue competing against Boeing for important military contracts.
In June, Judge Robert W. Sweet of the Southern District of New York ruled in favor of Tilton, dismissing a $100 million dollar lawsuit brought by MBIA. In his ruling, Judge Sweet stated that Tilton was "vigorous, authoritative, informed and almost entirely supported by documentary evidence." Judge Sweet also stated that Tilton "was an effective witness and in the main entirely credible."
ABOUT PATRIARCH PARTNERS, LLC:
Patriarch Partners, LLC, is an investment firm and holding company managing 75 companies with annual revenues in excess of $8 billion. Founded by Wall Street veteran Lynn Tilton in 2000, Patriarch is dedicated to saving American manufacturing jobs by saving American companies that have fallen from economic favor. Since inception, the Patriarch family of funds have bought more than 150 companies, and in so doing have saved over 250,000 jobs. Patriarch's platform includes a broad range of industrial concerns including Dura Automotive, Oasis Water and American LaFrance, in addition to iconic American brands such as Rand McNally, MD Helicopters, Stila Cosmetics and Spiegel Catalogs. Under Ms. Tilton's leadership, Patriarch has become the largest woman-owned business in America with companies in its platform providing employment to more than 120,000 persons. For more information, please visit: www.patriarchpartners.com.
SOURCE Patriarch Partners, LLC