Calgon Carbon Awarded $10 Million In Fraud Case

Law360, New York (January 30, 2007, 12:00 AM EST) -- Calgon Carbon Corp. has been awarded $10 million after charging three investment firms with negligent misrepresentation regarding the carbon company’s purchase of common stock of Advanced Separation Technologies Inc.

Calgon accused Potomac Capital Investment Corp., Progress Capital Holdings Inc., and Florida Progress Corp. of hiding the true financial and operational condition of AST before Calgon purchased the ion separating company for more than $78 million on Dec. 31, 1996.

A jury on Friday found the holding companies guilty of negligent misrepresentation. The jury, however, ruled that...
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