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Universal Express (USXP) sues Coach Industries (CIGI) for $160 Million JANUARY 03, 2006 - BusinessWire
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NEW YORK Jan 03, 2006 (BUSINESS WIRE) Universal Express Inc (USXP) announced that it has filed a $160 million suit against Coach Industries Group (CIGI), its subsidiary Corporate Development Services and others for fraud and breach of contract.
The suit seeks immediate damages for the illegal sale of the business of Corporate Development Services (CDS) to CIGI in fraudulent and intentional violation of Universal Express' contractual right of first refusal to purchase that business, then known as Subcontracting Concepts Inc. (SCI).
The facts of this suit, which also seek additional punitive damages, may be viewed on the Company's website.
"This lawsuit and violation of our contract were the direct result of greed and opportunity. Universal Express has steadfastly maintained over the past twenty-three years that malfeasance will always be met with legal action from this Company. We have a zero tolerance for those who attempt to profit by disregarding the integrity and hard work of our organization," said Richard Altomare, CEO and Chairman of Universal Express, Inc.
"To date, Universal Express has demonstrated its willingness to exercise its legal rights whenever wrongdoing occurs. The character of a company is often defined by what shenanigans it will not tolerate. We remain confident of the outcome of a suit when the facts and evidence are presented to the Court," concluded Mr. Altomare.