Energy Co. Reaches Deal To Exit Developer's $100M Fraud Suit

Law360, New York (April 5, 2012, 8:22 PM EDT) -- The owner of Olen Properties Corp. has settled with a Texas energy company that was named in the commercial developer's $100 million fraud suit against UBS AG and other banks over alleged misrepresentation of investment opportunities, according to an order filed Thursday.

After nearly five years of litigation, Igor Olenicoff has dismissed with prejudice its claims against Synthesis Energy Systems Inc. and three of its former executives over losses resulting from investments UBS funneled into the then-struggling energy technology company. Olenicoff claims the banking company had...
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