Compass Settles Le Nature’s Suit Against CIT, Krones
NOV 29, 2012 - 7:35 am
Law 360 reported that Compass Financial settled a $14 million financing fraud and breach of contract suit against CIT Group and Krones AG as part of a multidistrict litigation over the $668 million accounting scam that pushed bottling company Le-Nature’s into bankruptcy.
According to its latest 10-Q filing, CIT notes that in November 2012 the company entered into settlement agreements with the equipment manufacturer, Krones AG, the co-lessor plaintiffs and the liquidating trustee resolving the most significant claims asserted against the company in the multidistrict litigation. The settlements did not have a material adverse effect on its financial statements, CIT said.
By way of background, CIT was the lead lessor under a syndicated lease of bottling equipment to Le Nature’s and, in 2005, CIT and a group of co-lessors funded $144.8 million, of which approximately $45 million was funded by CIT.
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