Garmin, CrowdOut Escape Suit From Disgruntled Investors
By Emilie Ruscoe (March 25, 2021, 10:05 PM EDT) -- A federal judge in Manhattan has released Garmin International and online business lender CrowdOut Capital LLC from claims that they cheated investors in contactless payment company Fit Pay Inc.
The investors had sued the two companies for failing to make earnout payments that were part of a merger agreement between Fit Pay and another company that later sold Fit Pay's shares to Garmin. But in her Tuesday order, U.S. District Judge Mary Kay Vyskocil found that the investors had failed to show that New York jurisdiction could be fairly applied to Garmin and tossed the claims against the GPS and wearable technology company.
She further said that...
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