Wal-Mart Vendor Fails To Nix $24M Offset Over Venture

Law360, New York (March 29, 2010, 1:32 PM EDT) -- A Wal-Mart Stores Inc. vendor has failed to overturn a trial court’s decision to offset a $12.8 million judgment against Pou Chen Corp. with $24 million in damages still owed to Pou Chen in connection with a soured joint venture agreement.

In an opinion published Friday the California Court of Appeals, Second District, Division Two, rejected vendor MTS Products’ bid to scrap the offset order and give contractual liens held on MTS’ $12 million judgment priority over the $24 million awarded to Pou Chen.

The appeals...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.